In a few strong words bitcoin-spot-etf-letter-signature-check.pdf”>letter Addressing Securities and Exchange Commission (SEC) Chairman Gary Gensler, a group of prominent US congressmen are calling for immediate approval of spot bitcoin exchange-traded funds (ETFs). The bipartisan letter, signed by Reps. Tom Emmer (R-Minn.), Mike Flood (R-Neb.), Ritchie Torres (D-N.Y.), and Wiley Nickel (D.C.), emphasizes the urgency of expanding access. to bitcoin investment options and highlights the potential benefits for US investors.
“We write to ensure that the Securities and Exchange Commission (SEC) does not continue to discriminate against spot bitcoin exchange-traded products (ETPs),” the letter states. “The SEC is responsible for ensuring that products that comply with investor protections are available to investors.”
Lawmakers say spot bitcoin ETFs would offer a regulated and safe way for investors to gain exposure to the world’s largest cryptocurrency. These ETFs would allow investors to buy and sell bitcoin on traditional stock exchanges, simplifying the investment process and potentially attracting a broader range of participants.
One of the key points raised in the letter is the need for regulatory clarity. The congressmen argue that the absence of a spot bitcoin ETF has led investors to seek exposure through unregulated and potentially riskier avenues. The approval of bitcoin spot ETFs would provide a clear regulatory framework for these investments.
“A regulated spot bitcoin ETP would provide greater protection to investors by making access to bitcoin more secure and transparent. Congress has a duty to ensure that the SEC approves investment products that meet the requirements set by the Congress,” the letter says.
The SEC appears to have responded to this call from Congress by early delaying Cathie Wood’s ARK Invest application, whose decision was not due until November 11.
You can find more information about the US spot bitcoin ETF race here.
