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US: This Is Why Politicians Are Calling for Approval of Spot Bitcoin ETFs

US: This Is Why Politicians Are Calling for Approval of Spot Bitcoin ETFs

In the US, the controversy over bitcoin spot ETFs continues to gain momentum. Several MPs are now speaking out, calling for swift approval of the first Bitcoin Spot ETFs. In your own estimation, you have every reason to do so. The SEC has previously discriminated against exchange-traded bitcoin products.

US: This Is Why Politicians Demand Approval for Bitcoin Spot ETFs

The debate over Bitcoin spot ETFs continues in the US. Many politicians are now calling on the SEC, the regulatory authority responsible, to approve exchange-traded funds. The request came from Republicans Mike Flood, Tom Emmer and their Democratic colleagues Richie Torres and Wiley Nickell.

Members of the two major American parties joined A letter It is clear that they do not agree with the SEC’s earlier position. They call for faster approval of bitcoin spot ETFs to improve consumer protection.

“We are writing to ensure that the SEC will no longer discriminate against bitcoin exchange-traded funds,” they preface their letter.

According to the MPs’ idea, ETFs will increase transparency and security for private investors who want to put their money in cryptocurrencies. So far, ETFs have been considered more attractive to companies.

Several major US financial institutions have registered their respective bitcoin spot ETFs since June. So far, the SEC has not approved any application. Applicants include well-known names such as Fidelity and BlackRock.

“Congress has a duty to ensure that the SEC approves investment products that meet the requirements established by Congress,” the lawmakers wrote to SEC Chairman Gary Gensler.

“For this reason, we urge you to immediately approve the list of Bitcoin Spot ETFs,” the politicians say.

Democrat Gensler is considered particularly anti-crypto. There are increasing efforts to remove him as the SEC’s chairman or to restructure the SEC’s leadership in general. The commitment comes primarily from Republican opposition, but so far has produced no results.

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How does Gary Gensler respond to the request?

SEC spokesmen wanted to know how Gary Gensler responded to the request Prohibition Not announced. However, it is certain that there will be no public presentation on this. The spokesperson explained that efforts are being made to resolve the political dispute away from the public.

Gensler in particular is under a lot of pressure. He has repeatedly stated publicly that strict regulation of crypto products is necessary in the fight against fraud and fraud. However, critics believe he specifically wants to target non-governmental funds.

Bloomberg’s ETF experts have long said that Gensler can’t block exchange-traded crypto funds because of the current situation. The SEC recently suffered a defeat in court on this issue.

Asset manager Grayscale sued the SEC after the SEC rejected the firm’s Bitcoin Spot ETF in 2021. The court found the SEC’s reasoning flawed.

Therefore the SEC must reprocess the application. Since then, many companies have submitted similar applications. ETF experts Eric Balzunas and James Seifert expect the first bitcoin spot ETFs to be approved in October.

The first Ethereum Futures ETFs will be approved in the same month, an anonymous source explained a few weeks ago. Crypto funds are currently seen as highly anticipated bullish signals.

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