Four members of the House Financial Services Committee wrote a letter to SEC Chair Gary Gensler on Wednesday, urging him to “immediately” approve the applications for a Spot Bitcoin ETF that it has received. They argued that the ETF is not particularly different from a Crypto Futures ETF that the regulator has already approved.
The representatives, Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres, wrote in their letter that the SEC’s current posture is “untenable moving forward”, as there is no reason to deny such applications. They further argued that a regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent.
The letter comes shortly after the U.S Court of Appeals for the DC Circuit ruled last month that the SEC did not have an adequate reason to not let Grayscale convert its flagship bitcoin trust into an exchange-traded fund.
At writing, Bitcoin is still trading around the $26,000 level. Chair Gary Gensler is scheduled to testify before the U.S. Congress today.