US Lawmakers Quiz Bitcoin ETF From SEC

US Lawmakers Quiz Bitcoin ETF From SEC


2 months within the pastWed Sep 27 2023 07:45:13


Reading Time: 2 minutes

  • Four US lawmakers beget entreated SEC Chair Gary Gensler to approve a Bitcoin ETF, citing Grayscale’s fresh court victory as make stronger for his or her argument
  • They argue that the SEC’s latest stance on place Bitcoin ETFs is “untenable” in gentle of the court’s resolution
  • With out reference to the charm, the SEC postponed choices on two Bitcoin ETF applications on the a similar day, indicating the agency’s reluctance to approve such merchandise

Four US lawmakers beget written to Securities and Change Rate (SEC) chair Gary Gensler to bustle him to approve a Bitcoin ETF, claiming that he modified into as soon as discriminating against the companies having a peer to initiating out one. The foursome frail the hot ruling against the SEC within the lawsuit filed against it by Grayscale as the fulcrum of their argument, asserting that there may be “no reason to continue to disclaim such applications”. The same this letter modified into as soon as filed, the SEC postponed a resolution on two Bitcoin ETF applications, showing that the charm would per chance well per chance fall on deaf ears.

SEC’s Situation is “Untenable”

The letter to Gensler modified into as soon as sent by US Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres, who reminded the Chair that the United States Court of Appeals for the District of Columbia final month upheld Grayscale’s position that the SEC violated the Administrative Procedures Act when it denied Grayscale’s application to transform the Grayscale Bitcoin Trust to a place Bitcoin ETF.

They famous that the resolution “underscores the everyday level”: that a place Bitcoin ETF is “indistinguishable” from the types of Bitcoin futures ETFs that the SEC has allowed. This, the lawmakers recount, makes the SEC’s latest posture over place ETFs “untenable absorbing forward.”

ETFs Rating Postponed Regardless

Sarcastically, the letter arrived on the very day that the SEC kicked the can down the avenue on two unique Bitcoin ETF applications; GlobalX’s application, for which a response modified into as soon as expected on October 7, and the Ark/21Shares application, which wasn’t due till November 11.

It’s now not going, on the replacement hand, that the letter would beget made a blind little bit of incompatibility, with the SEC apparently certain to end a Bitcoin ETF for so long because it seemingly can, or unless legally forced to plot so.

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