US Congressmen are asking the SEC to clarify why it has not yet approved a spot Bitcoin ETF

Reps Todd Emmer and Darren Soto sent one Letter Bias to Securities & Exchange Commission (SEC) chairman Gary Gensler, calling on the agency to clarify why it refused to approve a spot Bitcoin ETF while allowing Bitcoin futures ETFs to start trading .

A spot ETF holds an 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 the letter, Emmer of the Republican Party emphasized:

“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 spot Bitcoin ETFs. ”

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 that we 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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Annie

According to Cointelegraph

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