US Congress orders SEC to approve all Bitcoin spot ETF applications


Republican & Democratic lawmakers sent a letter to the SEC chairman to approve Bitcoin spot ETF applications to ensure the safety of the Bitcoin investors.

In the US currently, some Bitcoin futures ETF products are running, providing investment in Bitcoin on behalf of the trade price of Bitcoin but the fund managers want to bring Bitcoin spot ETF products so that people can invest in Bitcoin directly more safely. So far, the country’s top financial regulator the Securities and Exchange Commission (SEC) rejected every Bitcoin spot ETF application. At present, nearly 20+ Bitcoin spot ETF products are in queue to get approval from the SEC agency.

On 26 Sep 2023, A group of Republican and Democratic lawmakers (Reps. Mike Flood, R-Neb., Tom Emmer, R-Minn., Ritchie Torres, D-N.Y. and Wiley Nickel, D-N.C.) sent a letter to the US SEC chairman Gary Gensler.

Through the letter, lawmakers urged Gensler to approve all the Bitcoin spot ETF applications which are waiting to get approval, so that people can invest in Bitcoin in more safe & transparent ways.

Letter read:

“Congress must ensure the SEC approves investment products that meet the requirements set out by Congress,” they said. “To that end, we urge you to approve the listing of spot-bitcoin ETPs immediately.”

Grayscale vs SEC 

In the past, the SEC rejected Grayscale’s Bitcoin spot ETF application, intended to swap Green Bitcoin Trust (GBTC) into a Bitcoin spot ETF product. 

Grayscale took to court to challenge the SEC’s decision and finally in August of this year, the court judge ruled the SEC’s Bitcoin spot ETF application rejection was unfair because Bitcoin spot ETF & Bitcoin futures ETF are similar products.

Delay for ARK 21 Shares Bitcoin ETF

Today the US SEC body announced that it will give its decision on the ARK 21Shares Bitcoin spot ETF application in the next 60 days.

According to the SEC body, it is a better decision because it will give a better chance for the SEC to consider the proposed rule change, as amended by Amendment No. 3.

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