US Congressman Slams SEC For Rejecting Fidelity’s Bitcoin ETF

Minnesota Representative Tom Emmer has criticized the US Securities and Exchange Commission (SEC) for rejecting a proposal for a bitcoin spot exchange-traded fund (ETF), Wise Origin Bitcoin Trust, proposed by Fidelity in March was submitted last year.

Emmer, who has been named one of the most crypto-friendly voices in the US Congress, has done so designation The decision is “baseless,” although the SEC cites fraud prevention and investor protection concerns as reasons for its rejection.

Last month, Fidelity launched a spot bitcoin ETF in Canada. It is traded on the Toronto Stock Exchange.

Canada became the first country in the world to approve a Bitcoin ETF in early 2021.

Mass rejection

In November, Emmer and Democratic lawmaker Darren Soto sent a letter to SEC Chairman Gary Gensler making a compelling case for approving a Bitcoin ETF.

While the SEC gave the green light to its first bitcoin futures ETF in October, this letter argues that a spot ETF is more efficient.

A week ago, regulators also rejected a spot bitcoin ETF proposal from SkyBridge Capital and First Trust.

In the future, the SEC will make a decision on Stone Ridge subsidiary NYDIG’s proposal, and the answer will likely remain “no.”

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ETF Metaverse

Despite the rejection of the spot ETF proposal, Fidelity remained undaunted and numbers a new ETF proposal to the SEC this morning. The new fund, called Fidelity Metaverse ETF, tracks the movements of companies that develop, issue or sell products/services related to the construction and expansion of the Metaverse virtual universe.

On January 27th, the Subversive Metaverse ETF (codename PUNK) was launched on the US exchange CBOE. The fund will track the stock prices of traditional technology and crypto companies such as Block (formerly Square), Alphabet, Microsoft, Sony, Coinbase, Galaxy Digital and gaming platform Roblox.

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