Four members of the House Financial Services Committee are asking U.S. Securities and Exchange Commission (SEC) chair Gary Gensler to reconsider his agency’s stance on spot Bitcoin (BTC) exchange-traded products (ETPs).
In a letter dated September 26th, Representatives Mike Flood (R-Neb.), Tom Emmer (R-Minn.), Wiley Nickel (D-N.C.) and Ritchie Torres (D-N.Y.) tell Gensler that the nation’s securities watchdog should stop discriminating against spot Bitcoin ETPs following the court ruling in the lawsuit filed by crypto asset manager Grayscale against SEC.
Last month, the three-judge panel of the District of Columbia Court of Appeals ruled that the SEC’s decision to deny Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETP without a “coherent explanation” is unlawful.
“Following the Court of Appeal’s decision, there is no reason to continue to deny such applications under inconsistent and discriminatory standards.”
The lawmakers say greenlighting a spot Bitcoin ETP is in the interest of investors since this will make access to the flagship crypto asset safer and more transparent.
“Congress has a duty to ensure the SEC approves investment products that meet the requirements set out by Congress. To that end, we urge you to approve the listing of spot-bitcoin ETPs immediately.”
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