Lawmakers urge Gensler to allow spot bitcoin ETFs 'immediately'

Reps. Mike Flood, R-Neb., Tom Emmer, R-Minn., Ritchie Torres, D-N.Y. and Wiley Nickel, D-N.C., urged Gensler to allow those listings, arguing a regulated spot bitcoin ETF would increase investor protection by making access to bitcoin more transparent and safer, according to a"Congress has a duty to ensure the SEC approves investment products that meet the requirements set out by Congress," they said."To that end, we urge you to approve the listing of spot-bitcoin ETPs immediately.

"The Court’s finding underscores the fundamental point," the lawmakers said."A spot bitcoin ETP is indistinguishable from a bitcoin futures ETP. Thus, the SEC’s current posture is untenable moving forward."The SEC has not yet greenlit a spot bitcoin ETF, although big name players including BlackRock and Fidelity have submitted applications for funds over the past several months.

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