In a strongly-worded letter addressed to Securities and Trade Fee (SEC) Chair Gary Gensler, a gaggle of outstanding U.S. Congressmen are calling for the instant 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 traders.
“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 accountable for ensuring that merchandise that adjust to investor protections are made out there to traders.”
The lawmakers assert that spot Bitcoin ETFs would provide a regulated and safe means for traders to realize publicity to the world’s largest cryptocurrency. Such ETFs would permit traders to purchase and promote Bitcoin on conventional inventory exchanges, simplifying the funding course of and doubtlessly attracting a broader vary of contributors.
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 traders in search of publicity by unregulated and doubtlessly riskier avenues. Approval of spot Bitcoin ETFs would offer a transparent regulatory framework for these investments.
“A regulated spot bitcoin ETP would offer elevated safety for traders 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 call was not due till November 11.
Extra info on the U.S. spot Bitcoin ETF race may be discovered right here.