Four US Congressmen have written a letter to the SEC Chief Gary Gensler, demanding the approval of a Bitcoin ETF. The letter alleges discrimination against BTC ETF on the part of the SEC. The letter was penned by Representatives Mike Flood, Tom Emmer, Ritchie Torres, and Wiley Nickel. It draws attention to Grayscale Investments’ recent legal victory, where the court declared the SEC’s rejection of the application as “unreasonable and unpredictable.” The Congressmen argued that the SEC is responsible for making certain that products that comply with investor protection standards are made available to investors. They also highlighted the potential benefits of a regulated spot Bitcoin ETF, such as increased protection for investors by making access to Bitcoin safer and more transparent. The court found that the SEC’s rejection of Grayscale’s application to transform Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin Exchange-Traded Product (ETP) was arbitrary and capricious. The Congressmen argued that a Bitcoin (BTC) ETP is indistinguishable from a Bitcoin futures ETP, and that the SEC’s current posture is untenable moving forward. The lawmakers concluded their letter by urging the SEC to approve the listing of spot-bitcoin ETPs immediately. They believe that this would provide investors with a more secure and transparent avenue for accessing Bitcoin investments.

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Information	Details
Geography	North America
Countries	🇺🇸 🇦🇲
Sentiment	positive
Relevance Score	10
People	Wiley Nickel, Ritchie Torres, Gary Gensler, Tom Emmer, Mike Flood
Companies	Fidelity, VanEck, Grayscale Bitcoin Trust (GBTC), Bitwise, Invesco, BlackRock, Securities and Exchange Commission (SEC), Galaxy, Grayscale Investments, WisdomTree
Currencies	Ethereum, Bitcoin
Securities	None