Four members of the House Financial Services Committee are asking Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), to reconsider his agency’s position on Bitcoin (BTC) exchange-traded products (ETPs).
In a letter dated September 26, Reps. Mike Flood (R-Neb.), Tom Emmer (R-Minn.), Wiley Nickel (DN.C.) and Ritchie Torres (DN.Y.) tell Gensler that the national securities watchdog should stop discriminating against spot Bitcoin ETPs following the court’s ruling in the lawsuit brought 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 reject Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETP without a “coherent explanation” was unlawful to refuse.
“Following the decision of the Court of Appeal, there is no reason to continue to refuse such applications based on inconsistent and discriminatory standards.”
Lawmakers say greenlighting a Bitcoin ETP spot is in investors’ best interests as it will make access to the flagship crypto asset more secure and transparent.
“Congress has a duty to ensure that the SEC approves investment products that meet the requirements Congress has established. Therefore, we urge you to immediately approve the listing of spot Bitcoin ETPs.”
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