A group of U.S. Congress members have sent a letter to the Securities and Exchange Commission (SEC) Chair Gary Gensler, urging the agency to approve the listing of spot-bitcoin exchange-traded funds (ETFs) immediately. The letter was signed by Representatives Mike Flood, Tom Emmer, Ritchie Torres, and Wiley Nickel. The lawmakers argued that a regulated spot bitcoin ETF would increase investor protection by providing safer and more transparent access to bitcoin investments. They also noted that the U.S. Court of Appeals for the District of Columbia Circuit had rejected the SEC’s argument that bitcoin markets are “uniquely resistant to manipulation” and not yet mature enough for ETF approval. The Congress members wrote that there is no reason to continue to deny such applications under inconsistent and discriminatory standards. They pressed the SEC to quickly approve a spot Bitcoin fund, noting that a spot bitcoin ETF is indistinguishable from a bitcoin futures ETF. The SEC has repeatedly blocked proposals for spot bitcoin ETFs, despite applications from major financial firms including Fidelity, BlackRock, Bitwise, VanEck, Galaxy, Invesco, and WisdomTree. The agency has only approved bitcoin futures ETFs so far, drawing criticism over inconsistent standards.

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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, Bitwise, Invesco, BlackRock, SEC, Galaxy, WisdomTree, Grayscale
Currencies	Ethereum, Sector, grayscale, Bitcoin, US Dollar
Securities	None