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Congress Urges SEC To Approve Spot Bitcoin ETF Applications
09/27/2023

Congress Urges SEC To Approve Spot Bitcoin ETF Applications

09/27/2023
4,3

On September 27, Congress will hold a hearing, during which SEC Chairman Gary Gensler will answer congressmen's questions about the regulator's work. One of the main issues will be the regulation of cryptocurrencies.

Members of Congress Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres, in a joint letter dated September 26, urged the SEC to immediately approve applications for spot Bitcoin ETFs, citing the legal precedent set by Grayscale. The congressmen stressed that there is no reason to continue rejecting the applications. The letter also states that a spot Bitcoin ETF would provide greater investor protection.

Meanwhile, the SEC has not approved any applications for spot Bitcoin ETFs. The regulator seems to have ignored the Congressional letter, as a Sept. 26 notice said the SEC has postponed its review of ARK 21Shares' Bitcoin ETF application for 60 days. The statement said the regulator was within its rights to set a longer timeframe for reviewing the application.

These events occurred on the day prior to an upcoming congressional hearing. Gary Gensler will once again appear before lawmakers to answer questions about the regulator's work. The SEC chairman's prepared speech states that most cryptocurrency companies are subject to federal securities laws.

House Financial Services Committee Chairman Patrick McHenry will also be at the hearing and is likely to criticize Gensler once again. Earlier this year, McHenry accused Gensler of failing to provide clarity on how companies fall under the federal securities law.

While Gensler will answer to Congress, another important meeting between lawmakers and the crypto industry will take place in Washington, D.C. as part of Coinbase's "Stand With Crypto" campaign.


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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

Brian Armstrong Gary Gensler Coinbase Exchange


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