Are spot Bitcoin ETFs finally getting the regulatory green light they deserve?
U.S. lawmakers are stepping up, demanding immediate SEC approval based on compelling legal arguments.
Dive into our in-depth article to understand why this might be a game-changing moment in cryptocurrency regulation.
Contents
Advocacy for Approval of spot Bitcoin ETFs
A group of bipartisan lawmakers in the United States submitted a letter to Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), on September 26.
They are urging the immediate approval of a physically-backed Bitcoin (BTC) Exchange-Traded Fund (ETF).
The letter is signed by Republican Representatives Mike Flood and Tom Emmer, along with Democratic Representatives Richie Torres and Wiley Nickel.
Referencing Grayscale vs. SEC Court Ruling as Grounds for Approval
As a basis for their request, the lawmakers cited a court ruling in a lawsuit between Grayscale and the SEC. The US Court of Appeals had supported Grayscale’s claim in a lawsuit concerning the refusal to convert the Bitcoin Investment Trust GBTC into an ETF.
Grayscale had argued that while the SEC has already approved Bitcoin futures ETFs, it continues to reject spot Bitcoin ETFs.
They claimed this approach is "arbitrary and harms investors." The court also acknowledged Grayscale’s point, stating, "The SEC has not been able to explain why it has treated similar products differently."
A Turning Point in Regulation: Lawmakers' Opinion
The lawmakers emphasized that this ruling "highlights a fundamental point" and continued, "A spot Bitcoin ETF is indistinguishable from a Bitcoin futures ETF. Therefore, the current stance of the SEC is indefensible."
They further stated there's no reason to continue inconsistent and discriminatory decisions regarding Bitcoin ETFs after such a ruling.
The lawmakers concluded their letter by writing, "A regulated spot Bitcoin ETF would enhance investor protection by making access to Bitcoin more secure and transparent.
We, as members of Congress, have a duty to ensure that investment products meeting the criteria set by Congress are reliably approved by the SEC."
For this reason, we are urging the immediate approval of a spot Bitcoin ETF.
SEC Responds and Growing Corporate Applications
Although the SEC has not yet approved any spotBitcoin ETFs, in recent months, leading asset management firms like BlackRock, Fidelity, Valkyrie, Invesco, and WisdomTree have been applying for spot Bitcoin ETFs.
Larry Fink, CEO of BlackRock, stated in July that Bitcoin could be considered an "international asset," similar to gold, as a hedge against risks like inflation and currency depreciation.
Fink also expressed BlackRock's aim to "democratize cryptocurrencies and make them more affordable for investors."
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