Four members of the House Financial Services Committee are asking U.S. Securities and Exchange Commission (SEC) chair Gary Gensler to reconsider his agency’s stance on spot Bitcoin (BTC) exchange-traded products (ETPs).
In a letter dated September 26th, Representatives Mike Flood (R-Neb.), Tom Emmer (R-Minn.), Wiley Nickel (D-N.C.) and Ritchie Torres (D-N.Y.) tell Gensler that the nation’s securities watchdog should stop discriminating against spot Bitcoin ETPs following the court ruling in the lawsuit filed by crypto asset manager Grayscale against SEC.
-->Last month, the three-judge panel of the District of Columbia Court of Appeals ruled that the SEC’s decision to deny Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETP without a “coherent explanation” is unlawful.
“Following the Court of Appeal’s decision, there is no reason to continue to deny such applications under inconsistent and discriminatory standards.”
The lawmakers say greenlighting a spot Bitcoin ETP is in the interest of investors since this will make access to the flagship crypto asset safer and more transparent.
“Congress has a duty to ensure the SEC approves investment products that meet the requirements set out by Congress. To that end, we urge you to approve the listing of spot-bitcoin ETPs immediately.”
