U.S. Lawmakers Urge SEC’s Gensler to Greenlight Bitcoin ETF for Everyday Investors

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U.S. Lawmakers are ⁢urging the ⁢SEC to⁣ heed the court’s advice and reconsider its stance on bitcoin ETFs. They ⁢argue that a bitcoin ETF is no different from⁣ other ⁣crypto futures ETFs that have already been approved by the‍ SEC. Therefore, they‌ believe that the agency should approve applications from companies like ⁤Fidelity, BlackRock’s iShares, and Grayscale⁢ Investments.

The lawmakers highlight the‍ recent court ruling‌ in the‌ Grayscale case, where the SEC’s rejection was deemed “arbitrary and capricious.” They argue that this ruling‍ should serve as a wake-up call for the SEC to change its inconsistent and discriminatory⁣ standards when it comes ⁤to bitcoin ETFs.

The letter from the lawmakers, including Reps. Mike Flood, Tom‍ Emmer, Wiley Nickel, and Ritchie Torres,⁤ emphasizes that the SEC’s current posture is unsustainable. They assert‌ that the agency should not continue⁤ to deny‍ applications for bitcoin ETFs based on outdated⁤ and⁢ unfair criteria.

This call for action comes with a hearing on deck, ⁢where SEC Chair‍ Gary Gensler ‍will be questioned ‌about the agency’s approach ​to bitcoin ETFs. The⁤ lawmakers hope that this hearing will prompt ⁤the SEC to reconsider ​its stance and pave the way for the approval of bitcoin ETFs.

 

ETF Newz Says:

Overall, this ‌bipartisan group of lawmakers is urging the⁢ SEC to align its approach to bitcoin ETFs with its⁣ approval of other crypto futures ​ETFs. They argue that consistency⁢ and fairness are crucial in regulating the financial services sector, and the SEC should not discriminate against bitcoin ETFs based on outdated standards. By⁢ approving these applications, the SEC ⁣can foster ​innovation and provide investors with more ‌opportunities in the growing cryptocurrency market.

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