US Lawmakers Urge SEC Chair to Immediately Approve Spot Bitcoin ETFs

Four members of the United States Congress are calling on Securities and Exchange Commission Chair Gary Gensler to promptly approve the listing of spot Bitcoin exchange-traded funds (ETFs).

In a letter dated September 26, U.S. Representatives Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres argued that the SEC has been discriminating against spot bitcoin exchange-traded products. They referenced the recent legal victory by Grayscale Investments, which is seeking a review of its own ETF proposal. The lawmakers emphasized that there is “no reason to continue to deny” applications for spot crypto ETFs in light of the Grayscale court ruling, which deemed the SEC’s previous rationale as “arbitrary and capricious,” especially since the SEC had already authorized investment vehicles associated with Bitcoin futures.