According to a report from Cointelegraph , four members of the United States Congress are calling on Securities and Exchange Commission Chair Gary Gensler to “immediately” approve the listing of spot Bitcoin exchange-traded funds, or ETFs.
In a letter to Chair Gensler dated September 26th, U.S. Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres claimed the SEC was “discriminating against spot bitcoin exchange traded products,” referencing the legal example set by Grayscale Investments in winning a review of its own ETF offering.
The four lawmakers told Gensler there was “no reason to continue to deny” spot crypto ETF applications after the Grayscale court decision, which ruled the SEC’s reasoning was “arbitrary and capricious” in having already approved investment vehicles tied to Bitcoin futures.
“A regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent,” said the letter. “Congress has a duty to ensure the SEC approves investment products that meet the requirements set out by Congress.”
The lawmakers went on further to state, “We urge you to approve the listing of spot-bitcoin ETPs immediately.”
The request came prior to Gensler’s scheduled appearance before the House Financial Services Committee on oversight of the SEC. All four lawmakers are members of the committee and could address the matter in the September 27th hearing.
As of publication, the SEC has not yet approved the listing of any spot Bitcoin ETF. Many had anticipated the commission to reassess pending ETF applications following the SEC’s loss to Grayscale in court in August. But, the regulator later delayed decisions on ETFs from seven major firms — BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck and Fidelity.
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