Members of the House Financial Services Committee – two from each party – wrote a letter to Securities and Exchange Commission Chair Gary Gensler urging ETF action.
and Grayscale Investments, which shares CoinDesk’s parent company, Digital Currency Group.
“The SEC's current posture is untenable moving forward," said the letter from Reps. Mike Flood , Tom Emmer , Wiley Nickel and Ritchie Torres ."Following the Court of Appeals' decision, there is no reason to continue to deny such applications under inconsistent and discriminatory standards."on these applications. Circuit Judge Neomi Rao wrote that the agency’s rejection in the Grayscale case had been"arbitrary and capricious.
The House lawmakers urged the SEC to approve the outstanding applications “immediately.” Gensler is set to appear in an SEC oversight hearing in that committee on Wednesday, so the members will have a chance to question him on the topic. A bitcoin ETF could allow investors a much easier way to put money into the cryptocurrency market, because ETFs are designed to be simple to trade in and out of through brokerage accounts.
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