Key Points:
This call comes ahead of an upcoming hearing with SEC Chair Gary Gensler scheduled for later this week.
In a joint letter addressed to Chair Gensler, Representatives Mike Flood (R-Neb.), Tom Emmer (R-Minn.), Ritchie Torres (D-N.Y.), and Wiley Nickel (D-N.C.) urged the SEC to expedite the approval of pending Spot Bitcoin ETF applications. They argued that such approval would enhance investor protection by increasing transparency and safety in accessing Bitcoin.
The lawmakers emphasized that the SEC should heed the courts’ decisions and abandon any efforts to block Bitcoin ETFs from gaining regulatory approval. Furthermore, they called for the immediate approval of the outstanding ETF applications.
This move follows a recent legal victory for the crypto industry when the U.S. Court of Appeals for the D.C. Circuit ruled that the SEC must re-review Grayscale’s bid for a spot Bitcoin ETF. This decision came after Grayscale‘s lawsuit against the SEC following the initial rejection of their ETF proposal.
The House Financial Services Committee is poised to address these concerns directly with Chair Gensler during an upcoming SEC oversight hearing this week. The industry and regulators alike are keenly awaiting a decisive move from the SEC following its courtroom setback in denying Grayscale’s application.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
George Town, Grand Cayman, 22nd November 2024, Chainwire
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