A spot Bitcoin ETF may be on the horizon soon as certain congress members are pushing for approval. According to CoinDesk, four members (two from each party) of the House Financial Services Committee had written a letter to the SEC chair, Gary Gensler, urging for an ETF action.
In the said letter, the lawmakers argued that the U.S. Securities and Exchange Commission (SEC) should listen to the courts and give up efforts to block bitcoin exchange-traded funds (ETFs) from regulatory approval. Earlier this month, the court had decided against a regulatory body in a suit to determine the correctness of its decision to reject Grayscale’s spot Bitcoin ETF application.
Meanwhile, Chair Gensler is scheduled to meet with the Congress in a September 27, Wednesday hearing. In light of this, the four lawmakers (Reps. Mike Flood (R-Neb.), Wiley Nickel (D-N.C.), and Ritchie Torres (D-N.Y.), including Rep Tom Emmer— majority whip in the House leadership contended in the letter a spot bitcoin ETF is not distinguishable from the crypto futures ETFs for which SEC has already approved.
Companies like Fidelity, BlackRock iShares, and Grayscale Investments— which shares CoinDesk’s parent company, Digital Currency Group have submitted ETF applications. And according to the lawmakers, “The SEC’s current posture is untenable moving forward.” The lawmakers added, “Following the Court of Appeals’ decision, there is no reason to continue to deny such applications under inconsistent and discriminatory standards.”
In the Court of Appeals’ decision in August, Circuit Judge Neomi Rao determined that the agency’s rejection in the Grayscale case had been “arbitrary and capricious.” Additionally, the House lawmakers urged the SEC to approve the outstanding applications “immediately.”
A bitcoin ETF could allow investors a much easier way to put money into the cryptocurrency market because ETFs are designed to be simple to trade in and out of through brokerage accounts