Crypto investors have just received some extremely exciting news. SEC Chairman Gensler will be sweating this week. The recent news is great because Representatives have taken action to invite the SEC to escape from negative discrimination.
Approval for Spot Bitcoin ETF Coming Soon
Four members of the House Financial Services Committee have sent a letter to the SEC. Members from both parties, including Majority Representative Tom Emmer, are urging the SEC to set aside their stubbornness regarding the approval of a Spot Bitcoin ETF.
Prior to Gensler’s appearance before the House Financial Services Committee, the four members of the panel sent this letter. So during the hearing, they can say, “Hey, Gensler, come on, give us the ETF approvals.” While the SEC approves ETFs for futures, they are avoiding spot ETF approval. Moreover, their excuse for price volatility in the GBTC decision was rejected by all three members.
Since the regulatory agency’s current stance is inexplicable in the future, members of the House of Representatives have to exert this pressure. The letter states;
“After the Appeals Court’s decision, there is no reason to continue rejecting such applications under inconsistent and discriminatory standards. The SEC’s current position is indefensible going forward.”
Gensler will testify before the committee in approximately 18 hours.
