The Chamber of Digital Commerce goes to bat for a spot bitcoin ETF in The US. Plus, it goes for Chairman Gensler\u2019s throat. The group doesn\u2019t mince phrases within the report titled \u201c<\/span>The Crypto Conundrum. Why Won\u2019t the SEC Approve a Bitcoin ETF?<\/span><\/a>\u201d The Chamber of Digital Commerce argues that the entire requirements that the SEC demanded have been met, but a Bitcoin ETF is as far-off from approval as when the Winklevoss twins first requested for it in 2013.<\/span><\/p>\n \u201cSince that time, the SEC has rejected each and every application seeking to list a Bitcoin ETF on a national securities exchange, citing a range of concerns that this Report will demonstrate have been fully addressed by asset managers seeking to offer responsible, transparent and regulated bitcoin exposure to retail and institutional investors.\u201d<\/span><\/p>\n<\/blockquote>\n Before we discover their arguments, it is best to know that <\/span>the Chamber of Digital Commerce<\/span><\/a> defines itself as a \u201ctrade association representing the blockchain technology ecosystem. Our mission is to promote the acceptance and use of digital assets and blockchain technologies.\u201d So, regardless of the official-looking identify, it\u2019s not a governmental establishment.<\/span><\/p>\n What video games is the SEC enjoying? Why doesn\u2019t the United States have a spot Bitcoin ETF but? \u201cTo date, at least 16 different companies have applied to the SEC for the right to offer a Bitcoin ETF to U.S. investors. All such requests have been denied \u2013 some multiple times,\u201d the Chamber of Digital Commerce explains. According to the group, the businesses requesting the ETF have finished every thing of their energy to adjust to the SEC and the reply stays damaging.\u00a0<\/span><\/p>\n \u201cRather than playing a leading role in responsible adoption of new technologies and products, the United States is falling behind the rest of the world, as more countries approve such products. The United States is increasingly seen as being an undesirable place for innovators in the digital asset space to conduct operations due to the current regulatory environment.\u201d<\/span><\/p>\n<\/blockquote>\n The Chamber of Digital Commerce warns that capital that may\u2019ve been invested within the US was \u201cdeployed in other, more innovation-friendly countries.\u201d Other superior economies like \u201cCanada, Germany, Sweden, Switzerland, and most recently, Australia,\u201d have already authorized Bitcoin ETFs. And \u201cto date there have been no reported instances of hacking or theft and no indications of market manipulation relating to these internationally listed Bitcoin ETFs,\u201d the Chamber of Digital Commerce factors out.<\/span><\/p>\n The Chamber of Digital Commerce quickly takes its gloves off and goes for Chairman Gensler\u2019s throat, \u201cAfter nearly ten years of working with the SEC on the pursuit of a Bitcoin ETF, few market participants believe the true reason the SEC continues to issue denials on Bitcoin ETF applications has much connection to the legal standards the SEC cites in its denials.\u201d As the Chamber of Digital Commerce sees it, the usual has been met.<\/span><\/p>\n The group affords a idea:<\/span><\/p>\n \u201cThere is broad consensus that Chairman Gensler is now seeking oversight of the cryptocurrency exchanges through the SEC\u2019s own rulemaking mechanism. In a February 2022 interview, SEC Commissioner Peirce echoed the widespread belief about Chairman Gensler\u2019s intentions: \u201cI think [Chairman Gensler] is trying to pull those crypto platforms into our orbit,\u201d she mentioned.\u201d<\/span><\/p>\n<\/blockquote>\n The Chamber of Digital Commerce additionally affords a surprisingly daring answer:<\/span><\/p>\n \u201cLitigating against the SEC, once considered an unthinkable approach, is now one of the most viable options for eventually getting a Bitcoin ETF to market. However, litigation is inherently uncertain and litigating against the government is notoriously time consuming and expensive.\u201d<\/span><\/p>\n<\/blockquote>\n Shots fired.<\/span><\/p>\n In case anybody missed their accusation the primary time, the Chamber of Digital Commerce explains its idea yet one more time. With much more element:<\/span><\/p>\n \u201cIt is becoming clear that Chairman Gensler does not intend to approve a Bitcoin ETF until the SEC\u2019s authority to regulate is expanded to cover the cryptocurrency exchanges, whether that be through legislation, unilateral SEC rulemaking or SEC enforcement actions, creating a belief among market participants that the true pretext for the application denials is not based on any unmet legal standard but rather as a means of effectuating a jurisdictional land grab.\u201d<\/span><\/p>\n<\/blockquote>\n The group finishes its examine with preventing phrases:<\/span><\/p>\n \u201cUnfortunately, it is becoming increasingly probable that it will take litigation or focused efforts by Congress to break through the SEC\u2019s increasingly arbitrary and unwarranted treatment of this important investment product.\u201d<\/span><\/p>\n<\/blockquote>\n So yeah, the Chamber of Digital Commerce doesn\u2019t mess around. Even if <\/span>its study<\/span><\/a> additionally reads as a determined plea for validation. The group nonetheless went for the Chairman\u2019s throat, and that counts.<\/span><\/p>\n\n
What Does The Chamber Of Digital Commerce Argue?<\/span><\/h2>\n
\n
![\"BTCUSD](\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2022\/09\/BTCUSD_2022-09-13_00-53-12-640x356.png\")
<\/p>\nBTC value chart for 09\/13\/2022 on Bitstamp | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
The Standard Has Been Met<\/span><\/h2>\n
\n
\n
The Chamber of Digital Commerce Vs. Chairman Gensler<\/span><\/h2>\n
\n
\n
Featured Image by Sergei Tokmakov, Esq. Terms.Law<\/a> from Pixabay<\/a>| Charts by TradingView<\/a><\/pre>\n
![\"Human](\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2022\/01\/bitcoin-g9853c64cb_1280-629x420.jpg\")
<\/p>\n<\/p><\/div>\n