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• Four House Reps. wrote a letter to SEC Chair Gary Gensler on Wednesday.
• They dubbed Spot Bitcoin ETF “indistinguishable” from Crypto Futures ETF.
• Bitcoin remains to be buying and selling across the $26,000 stage at writing on Wednesday.

All eyes are on Bitcoin as we speak after the U.S. lawmakers urged the Securities & Exchange Commission to “immediately” approve functions it has obtained for a Spot Bitcoin ETF.

House Reps. wrote a letter to Gary Gensler as we speak

On Wednesday, 4 members of the House Financial Services Committee wrote a letter to Gary Gensler through which they argued {that a} Spot Bitcoin ETF isn’t significantly totally different from a Crypto Futures ETF that the regulator has already permitted.

And so, they urged Chair of the SEC of their letter to enable the likes of BlackRock, Fidelity and a number of other others to listing a Spot Bitcoin ETF.

SEC’s present posture is untenable transferring ahead … there isn’t a motive to proceed to deny such functions underneath inconsistent and discriminatory requirements.

Chair Gary Gensler is scheduled to testify earlier than the U.S. Congress as we speak.

Grayscale not too long ago secured a victory towards the SEC

Last month, the U.S Court of Appeals for the DC Circuit dominated that the Securities & Exchange Commission didn’t have an ample motive to not let Grayscale convert its flagship bitcoin belief into an exchange-traded fund (find out more).

That ruling, as per the lawmakers, must be enough for Chair Gensler to get onboard with a Spot Bitcoin ETF. Their letter additionally learn:

A regulated spot bitcoin ETP would offer elevated safety for traders by making entry to bitcoin safer and extra clear.

Members that wrote the letter on Wednesday embody Reps. Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres. Bitcoin remains to be buying and selling across the $26,000 stage at writing.