And with a strong accent letter Addressed to the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, a group of prominent US Congress members called for the immediate approval of Bitcoin exchange-traded funds (ETFs). The bipartisan letter, signed by Tom Emmer (R-MN), Mike Flood (R-Nebraska), Richie Torres (D-NY), and Willie Nickel (D-North Carolina), underscores the urgent need to expand access to choices. Investing in Bitcoin highlights the potential benefits for US investors.
“We are writing to ensure that the SEC does not continue to discriminate against Bitcoin exchange-traded products (ETPs),” the letter read. “The SEC is responsible for ensuring that products that comply with investor protection are available to investors.”
Regulators assert that spot bitcoin ETFs will provide a regulated and secure way for investors to gain exposure to the world’s largest cryptocurrency. These ETFs will allow investors to buy and sell Bitcoin on traditional exchanges, simplifying the investment process and potentially attracting a wider range of participants.
One of the key points made in the letter is the need for regulatory clarity. Members of Congress argue that the lack of an instant Bitcoin ETF has led to investors seeking exposure through unregulated and potentially riskier methods. Approval of spot Bitcoin ETFs will provide a clear regulatory framework for these investments.
“A regulated instant Bitcoin ETP system will provide increased protection for investors by making access to Bitcoin more secure and transparent. It is Congress’ duty to ensure that the SEC approves investment products that meet the requirements set forth by Congress,” the letter read.
The SEC appears to have responded to this call from Congress by delaying Cathie Wood’s ARK Invest application early, a decision that was not due until November 11.
More information about the US spot Bitcoin ETF race can be found here.
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