US House lawmakers urge SEC chairman to approve spot Bitcoin ETF ‘immediately’

金色财经 · 2023-09-27T01:43:01.000Z

Author: Jesse Hamilton, CoinDesk; Compiler: Songxue, Golden Finance Four members of the House Financial Services Committee — including House Majority Leader Tom Emmer — have called on the SEC to approve the ETF application, which they will discuss at a hearing this week. Ask him questions. The industry is waiting for regulators to take action after the SEC lost a court case over its decision to deny Grayscale’s spot Bitcoin ETF application. The U.S. Securities and Exchange Commission (SEC) should listen to the courts and drop its efforts to block a Bitcoin exchange-traded fund (ETF) from receiving regulatory approval, a bipartisan group of lawmakers wrote in a letter to SEC Chairman Gary Gensler on Tuesday. stated in the letter.

Author: Jesse Hamilton, CoinDesk; Translated by: Song Xue, Golden Finance
Four members of the House Financial Services Committee — including House leadership's majority leader, Tom Emmer — have called on the SEC to approve the ETF application, and they will question him about it at a hearing this week.
After the SEC lost a court battle over its decision to reject Grayscale’s spot Bitcoin ETF application, the industry is waiting for the regulator to take action.
The U.S. Securities and Exchange Commission (SEC) should listen to the courts and abandon its efforts to block a bitcoin exchange-traded fund (ETF) from receiving regulatory approval, a bipartisan group of lawmakers said in a letter to SEC Chairman Gary Gensler on Tuesday.
On the eve of his scheduled appearance before the House Financial Services Committee, four members of the panel sent Gensler a letter asserting that a spot bitcoin ETF is “indistinguishable” from cryptocurrency futures ETFs the agency has already approved. Therefore, the agency should approve applicants that request SEC approval, such as Fidelity, BlackRock’s iShares and Grayscale Investments, which shares CoinDesk parent Digital Money Group.
“The SEC’s current position is untenable,” Reps. Mike Flood (R-Neb.), Tom Emmer (R-Minn.), Willie Nickel (D-N.C.) and Ritchie Torres (D-N.Y.) said in the letter. “Based on the Court of Appeals’ ruling, there is no reason to continue to deny such applications based on inconsistent and discriminatory standards.”
Last month, a judge on the D.C. Circuit Court of Appeals directed the SEC to reconsider its view on the applications. Circuit Judge Neomi Rao wrote that the agency’s rejection in the Grayscale case was “arbitrary and capricious.”
House lawmakers urged the SEC to approve the pending application “immediately.” Gensler will appear before the committee at an SEC oversight hearing on Wednesday, so members will have a chance to ask him questions on the topic.
A Bitcoin ETF could give investors a simpler way to get money into the cryptocurrency market, as ETFs are designed to be easily traded through a brokerage account.
Emmer is the majority whip in the House leadership, and Floyd and Torres are members of the House Congressional Blockchain Caucus.