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In a strongly-worded letter addressed to Securities and Trade Fee (SEC) Chair Gary Gensler, a bunch of outstanding U.S. Congressmen are calling for the rapid approval of spot Bitcoin Trade-Traded Funds (ETFs). The bipartisan letter, signed by representatives Tom Emmer (R-Minn.), Mike Flood (R-Neb.), Ritchie Torres (D-N.Y.), and Wiley Nickel (D-N.C.), emphasizes the urgency of increasing entry to Bitcoin funding choices and highlights the potential advantages for American traders.
“We write to make sure the Securities and Trade Fee (SEC) doesn’t proceed to discriminate towards spot bitcoin change traded merchandise (ETPs),” the letter states. “The SEC is answerable for making sure that merchandise that adjust to investor protections are made out there to traders.”
The lawmakers assert that spot Bitcoin ETFs would supply a regulated and safe method for traders to achieve publicity to the world’s largest cryptocurrency. Such ETFs would permit traders to purchase and promote Bitcoin on conventional inventory exchanges, simplifying the funding course of and probably attracting a broader vary of individuals.
One of many key factors made within the letter is the necessity for regulatory readability. The Congressmen argue that the absence of a spot Bitcoin ETF has led to traders searching for publicity by unregulated and probably riskier avenues. Approval of spot Bitcoin ETFs would supply a transparent regulatory framework for these investments.
“A regulated spot bitcoin ETP would supply elevated safety for traders by making entry to bitcoin safer and extra clear. Congress has an obligation to make sure the SEC approves funding merchandise that meet the necessities set out by Congress,” says the letter.
The SEC appears to have responded to this name from Congress by delaying Cathie Wooden’s ARK Make investments utility early, which a choice was not due till November 11.
Extra data on the U.S. spot Bitcoin ETF race will be discovered here.
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