Last updated on January 20th, 2022 at 04:46 pm
Two representatives, Darren Soto and Tom Emmer have sent a letter to the Chair of the US SEC, Gary Gensler, stating that a spot ETF was needed, and it was high time that it was approved.
The letter went on to ask the US Securities and Exchange Commission to explain the reasons behind the disapproval of the BTC spot ETF in the US, while they permitted the trading of Bitcoin futures ETF. They wanted to know why the Bitcoin futures ETFs were favored, and the Bitcoin (BTC) spot exchange-traded fund (ETF) wasn’t.
Both congressmen held a press release stating the existence of the letter and its content. In the press release, Emmer stated,
“The SEC’s approach to cryptocurrency regulation has been unacceptable. […] If the SEC cannot outline the perceived material difference in risk profiles, then they should allow ETFs based on spot Bitcoin to be traded.”
Soto added that,
“Cryptocurrency has proven to be a driver of economic growth in our society. Therefore, it is crucial for us to clearly regulate it in order to maximize the potential benefits and mitigate any risks. It’s important for us to come together to ensure that investors have consistency.”
