In a strongly-worded letter addressed to Securities and Trade Fee (SEC) Chair Gary Gensler, a gaggle of distinguished U.S. Congressmen are calling for the rapid approval of spot Bitcoin Trade-Traded Funds (ETFs). The bipartisan letter, signed by representatives Tom Emmer (R-Minn.), Mike Flood (R-Neb.), Ritchie Torres (D-N.Y.), and Wiley Nickel (D-N.C.), emphasizes the urgency of increasing entry to Bitcoin funding choices and highlights the potential advantages for American buyers.
“We write to make sure the Securities and Trade Fee (SEC) doesn’t proceed to discriminate in opposition to spot bitcoin change traded merchandise (ETPs),” the letter states. “The SEC is liable for ensuring that merchandise that adjust to investor protections are made accessible to buyers.”
The lawmakers assert that spot Bitcoin ETFs would supply a regulated and safe method for buyers to achieve publicity to the world’s largest cryptocurrency. Such ETFs would enable buyers to purchase and promote Bitcoin on conventional inventory exchanges, simplifying the funding course of and probably attracting a broader vary of individuals.
One of many key factors made within the letter is the necessity for regulatory readability. The Congressmen argue that the absence of a spot Bitcoin ETF has led to buyers in search of publicity by way of unregulated and probably riskier avenues. Approval of spot Bitcoin ETFs would supply a transparent regulatory framework for these investments.
“A regulated spot bitcoin ETP would supply elevated safety for buyers by making entry to bitcoin safer and extra clear. Congress has an obligation to make sure the SEC approves funding merchandise that meet the necessities set out by Congress,” says the letter.
The SEC appears to have responded to this name from Congress by delaying Cathie Wooden’s ARK Make investments utility early, which a choice was not due till November 11.
Extra info on the U.S. spot Bitcoin ETF race might be discovered here.
