In a bipartisan effort, members of Congress from both parties have sent a strong message to the Securities and Exchange Commission (SEC) Chair Gary Gensler, urging the approval of Bitcoin (BTC) spot exchange-traded funds (ETFs) and an end to discriminatory practices. The first letter, signed by representatives Tom Emmer, Mike Flood, Wiley Nickel, and Ritchie Torres, emphasizes the SEC’s responsibility to ensure that investor protection standards are met while providing access to innovative investment products. The representatives cite the recent Grayscale vs. SEC case, where the United States Court of Appeals for the District of Columbia ruled in favor of Grayscale, stating that the SEC violated the Administrative Procedures Act. Congressional support for spot Bitcoin ETFs stems from the belief that such products would enhance investor protection and promote transparency in accessing Bitcoin. The lawmakers argue that the SEC should adhere to its guidance by approving regulated spot Bitcoin ETFs, as market participants have heeded Gensler’s calls to come forward and register with the commission.In a separate letter, all GOP members expressed concerns about stakeholder feedback and its potential economic consequences. They call for a temporary halt on licensing or implementation, allowing for a comprehensive review of community input and expert analysis. This review would include a cost-benefit analysis, an assessment of comments, and an evaluation of potential complexities. The GOP members aim to develop proposals catering to smaller investors and fostering capital formation.During the ongoing hearing, Chairman Patrick McHenry has been particularly critical of Gensler’s lack of response to oversight requests. McHenry even threatened Gensler with a congressional subpoena if he ignored these requests, emphasizing the need for accountability. One of the key points raised during the hearing is whether Bitcoin should be classified as a security. Gensler clarified that Bitcoin does not meet the Howey Test, which determines whether an asset qualifies as a security under current law. Members of Congress from both parties have sent a strong message to the SEC Chair Gary Gensler, urging the approval of Bitcoin (BTC) spot exchange-traded funds (ETFs) and an end to discriminatory practices. The first letter, signed by representatives Tom Emmer, Mike Flood, Wiley Nickel, and Ritchie Torres, emphasizes the SEC’s responsibility to ensure that investor protection standards are met while providing access to innovative investment products. Congressional support for spot Bitcoin ETFs stems from the belief that such products would enhance investor protection and promote transparency in accessing Bitcoin. In a separate letter, all GOP members expressed concerns about stakeholder feedback and its potential economic consequences. They call for a temporary halt on licensing or implementation, allowing for a comprehensive review of community input and expert analysis. This review would include a cost-benefit analysis, an assessment of comments, and an evaluation of potential complexities. The GOP members aim to develop proposals catering to smaller investors and fostering capital formation.During the ongoing hearing, Chairman Patrick McHenry has been particularly critical of Gensler’s lack of response to oversight requests. McHenry even threatened Gensler with a congressional subpoena if he ignored these requests, emphasizing the need for accountability. One of the key points raised during the hearing is whether Bitcoin should be classified as a security. Gensler clarified that Bitcoin does not meet the Howey Test, which determines whether an asset qualifies as a security under current law. The outcome of this engagement will have significant implications for the future of Bitcoin ETFs and the overall regulatory framework for cryptocurrencies.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	10
People	Wiley Nickel, Ritchie Torres, Patrick McHenry, Tom Emmer, Mike Flood
Companies	United States Court of Appeals for the District of Columbia, TradingView.com, SEC, House Financial Services Committee, Grayscale
Currencies	Ethereum, Bitcoin
Securities	None