Congressmen Todd Emmer and Darren Soto sent a bipartisan letter to Securities & Exchange Commission Chairman Gary Gensler on Wednesday, questioning heavily why the agency refused to approve the creation of a spot Bitcoin ETF while they were doing allowed trading in Bitcoin futures ETFs.

With a spot ETF, the fund holds the actual commodity (in this case bitcoin), while a futures ETF holds contracts to buy and sell a commodity on a future date at a specified price.

In a press release announcing the letter, Minnesota Republican Emmer said:

“The SEC’s approach to crypto regulation is unacceptable. […] If the SEC cannot identify a perceived material difference in the risk profile, it should allow Bitcoin-based spot ETFs to be traded. “

Soto, a Florida Democrat, claimed in his accompanying statement:

“Cryptocurrency has proven to be the engine of economic growth in our society. So it is important that we regulate it clearly in order to maximize potential benefits and minimize risks. It’s important to us to work together to make sure investors are consistent. “

In October, the ProShares Bitcoin Strategy ETF had the highest organic first-day volume of any ETF ever. While the SEC is expected to lead the federal government’s efforts to regulate stablecoins, it seems unlikely that it will. The securities regulator also recently shot down a proposed leveraged Bitcoin ETF.

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