U.S. Lawmakers are urging the SEC to heed the court’s advice and reconsider its stance on bitcoin ETFs. They argue that a bitcoin ETF is no different from other crypto futures ETFs that have already been approved by the SEC. Therefore, they believe that the agency should approve applications from companies like Fidelity, BlackRock’s iShares, and Grayscale Investments.
The lawmakers highlight the recent court ruling in the Grayscale case, where the SEC’s rejection was deemed “arbitrary and capricious.” They argue that this ruling should serve as a wake-up call for the SEC to change its inconsistent and discriminatory standards when it comes to bitcoin ETFs.
The letter from the lawmakers, including Reps. Mike Flood, Tom Emmer, Wiley Nickel, and Ritchie Torres, emphasizes that the SEC’s current posture is unsustainable. They assert that the agency should not continue to deny applications for bitcoin ETFs based on outdated and unfair criteria.
This call for action comes with a hearing on deck, where SEC Chair Gary Gensler will be questioned about the agency’s approach to bitcoin ETFs. The lawmakers hope that this hearing will prompt the SEC to reconsider its stance and pave the way for the approval of bitcoin ETFs.