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US lawmakers call on SEC chair to approve save Bitcoin ETFs ‘today’

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The participants of the House Financial Products and services Committee are anticipated to quiz Gary Gensler throughout a Sept. 27 hearing on SEC oversight.

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Four participants of the United States Congress are requesting Securities and Change Commission Chair Gary Gensler “today” approve the itemizing of save Bitcoin (BTC) change-traded funds, or ETFs.

In a Sept. 26 letter to Gensler, U.S. Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres claimed the SEC modified into “discriminat[ing] against save bitcoin change traded products,” citing the particular precedent location by Grayscale Investments in a success a overview of its beget ETF offering. The four lawmakers told Gensler there modified into “no motive to continue to disclaim” save crypto ETF applications following the Grayscale court docket resolution, which dominated the SEC’s reasoning modified into “arbitrary and capricious” in having already approved funding autos tied to Bitcoin futures.

“A regulated save bitcoin ETP would offer increased safety for investors by making entry to bitcoin safer and extra transparent,” said the letter. “Congress has a duty to make obvious the SEC approves funding products that meet the requirements location out by Congress.”

The lawmakers added:

“We hotfoot you to approve the itemizing of save-bitcoin ETPs today.”Bipartisan letter from @USRepMikeFlood @RepWileyNickel @GOPMajorityWhip and @RitchieTorres to SEC Chair Gensler on now not approving a bitcoin save ETF: “there would possibly be now not always a motive to continue to disclaim such applications beneath inconsistent and discriminatory standards.” https://t.co/6x5XaUsUqT

— Ron Hammond (@RonwHammond) September 26, 2023

Related: Grayscale wins the court docket fight, nonetheless what does this mean for a save Bitcoin ETF?

The salvage a matter to came before Gensler’s scheduled look before the House Financial Products and services Committee on oversight of the SEC. All four lawmakers are participants of the committee and would possibly moreover simply take care of the topic in the Sept. 27 hearing. The proceeding will doubtless now not be littered with the looming threat of a authorities shutdown, with lawmakers unable to attain an agreement on spending as of the time of e-newsletter.

To this point, the SEC has now not approved the itemizing of any save BTC ETF. Many had anticipated the commission to reconsider pending ETF applications following the SEC’s loss to Grayscale in court docket in August. Alternatively, the regulator subsequently delayed choices on ETFs from seven basic companies — BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck and Fidelity.

Magazine: SEC calls ETF filings inadequate, Binance loses euro accomplice and other news: Hodler’s Digest, June 25 – July 1

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