Web3 Diaries-US Senate Ask SEC To Approve BTC ETF
Four members of the United States Congress have requested Securities and Exchange Commission Chair Gary Gensler “immediately” approve the listing of spot Bitcoin exchange-traded funds, or ETFs.
In a Sept. 26 letter to Gensler, U.S. Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres claimed the SEC was “discriminat[ing] against spot bitcoin exchange traded products,” citing the legal precedent set by Grayscale Investments in winning a review of its own ETF offering.
The four lawmakers told Gensler there was “no reason to continue to deny” spot crypto ETF applications following the Grayscale court decision, which ruled the SEC’s reasoning was “arbitrary and capricious” in having already approved investment vehicles tied to Bitcoin futures.
SEC Shifts ARK 21Shares spot Bitcoin ETF Approval to January
Securities and Exchange Commission (SEC) – the regulator of financial markets in the United States – continues to delay the process of approving cryptocurrencies based exchange traded products.
It is taking the maximum time allowed for the regulator to reach a decision on a spot Bitcoin exchange-traded fund, or ETF, offering from ARK 21Shares.
In a Sept. 26 notice, the SEC said it would designate a longer period on whether to approve or disapprove of a proposed rule change that would allow ARK 21Shares’ spot BTC ETF on the Cboe BZX Exchange.
Bitwise Amends Spot Bitcoin ETF Application
A spot Bitcoin exchange-traded fund (ETF) application from Bitwise Asset Management has been updated, adding 40 pages of extra material to address concerns raised by the US Securities and Exchange Commission. A firm executive cautioned that it might not be sufficient to meet regulatory standards.
One of the six financial institutions whose spot Bitcoin ETF applications the SEC has put on hold is Bitwise. After a judge overruled the agency’s denial of Grayscale Investments’ request to change its over-the-counter Grayscale Bitcoin Trust into a listed BTC ETF, the company took that action.
Should the SEC challenge the Grayscale decision, according to Bitwise Chief Investment Officer Matt Hougan, “we return to the status quo.”
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