Aaryamann Shrivastava
FXStreet
- United States House Financial Services Committee members sent out a letter to Gary Gensler addressing the spot Bitcoin ETFs.
- The letter called the SEC’s standards of denial of spot ETFs “inconsistent and discriminatory”.
- Not too late after the letter came to light, it was revealed that the SEC delayed its decision on Ark Invest’s Bitcoinspot ETF filing.
The discourse surrounding the spot Bitcoin Exchange Traded Funds (ETFs) is reaching its pinnacle as key lawmakers are now stepping in to resolve the matter. The Securities and Exchange Commission’s (SEC) staunch repulsion of the ETFs has been called out by the lawmakers, urging the regulator to approve the applications.
US House Members Advocate for Bitcoin ETF
In a letter from September 26, it has come to light that members of the US House Financial Services Committee (FSC) have written to the SEC to approve the spot Bitcoin ETF filings “immediately”. The letter endorsed by Representatives Mike Flood, Wiley Nickel, Tom Emmer and Richie Torres addresses the regulatory body’s standing against the ETFs.
The letter argued that a regulated spot Bitcoin ETF would provide protection for investors by making access to BTC safer and more transparent. Furthermore, the lawmakers even called out the SEC for its lack of support for such ETFs. The Representatives stated that the Court of Appeals concluded that in the absence of a coherent explanation, this regulatory treatment of similar products is unlawful.
Calling the SEC’s standards of denial of spot ETFs as “inconsistent and discriminatory”, the letter urged the regulatory body to approve the listing of spot Bitcoin ETFs.
Another decision delayed
Surprisingly, not too long after the letter came to light, another revelation took place. The SEC decided to postpone its decision on the Ark Invest’s 21Shares spot Bitcoin ETF. The Bitcoin ETF that was developed in collaboration with Cathie Wood’s Ark Invest and 21Shares was due to receive its order on September 29; the SEC gave its decision nearly three days ahead of schedule.
The regulatory body has been slow in approving these ETFs under existing SEC rules. The decision for this ETF will most likely come to light sometime around in November now.
Read more - Breaking: Ark Invest 21Shares Bitcoin Spot ETF filing delayed
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.
Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570
Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million.
Bitcoin Weekly Forecast: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.
XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.