{"id":553121,"date":"2023-09-27T12:00:13","date_gmt":"2023-09-27T12:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=553121"},"modified":"2024-06-11T08:16:55","modified_gmt":"2024-06-11T08:16:55","slug":"spot-bitcoin-etf-lawmakers-sec","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/spot-bitcoin-etf-lawmakers-sec\/","title":{"rendered":"Spot Bitcoin ETF: US Lawmakers Jump In With Demands For The SEC"},"content":{"rendered":"

Lawmakers in the United States have finally put their foot down and demanded that the US SEC Chairman approve Grayscale\u2019s spot Bitcoin ETF proposal \u201cimmediately.\u201d<\/span><\/p>\n

US Congress Imposes Spot Bitcoin ETF Immediate Approval<\/h2>\n

A group of four members of the United States Congress sent a <\/span>letter<\/span><\/a> to the United States Securities and Exchange Commission (SEC) Chairman, Gary Gensler on Tuesday, September 26 demanding the prompt endorsement of spot Bitcoin ETFs.\u00a0<\/span><\/p>\n

Related Reading: Early Rejection Of 21Shares Spot Bitcoin ETF Sparks Concerns<\/a><\/div>\n

The letter described major flaws in the US SEC\u2019s rejection of Grayscale\u2019s spot Bitcoin ETF proposal, stating that if the SEC is unable to provide an appropriate explanation for its different regulatory treatment of spot Bitcoin ETFs and <\/span>Bitcoin Futures<\/span><\/a>, then its rejection would be seen as an \u201cunlawful\u201d discrimination.\u00a0<\/span><\/p>\n

The letter was signed by prominent US lawmakers including Mike Flood, Ritchie Torres, Tom Emmer, and Wiley Nickel. The lawmakers stated that Congress is tasked to ensure the US SEC meets all investment product requirements created by Congress.\u00a0<\/span><\/p>\n

The members of Congress have also shown support for the <\/span>initiation of Spot Bitcoin ETFs<\/span><\/a> and stated that spot Bitcoin ETFs would ensure investors are properly safeguarded from investment risks since there would be better clarity on Bitcoin cryptocurrency.\u00a0<\/span><\/p>\n

\u201cA regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent,\u201d the US lawmakers stated.\u00a0<\/span><\/p>\n

A hearing between the US SEC Chairman and the Congress is scheduled for Wednesday, September 27 and Gensler may be subjected to intense scrutiny and questions on his rejection of spot Bitcoin ETFs.<\/span><\/p>\n

US SEC Delay ETF Approval Yet Again<\/h2>\n

The US SEC has continued to<\/span> delay its approval for Grayscale\u2019s spot Bitcoin ETF <\/span><\/a>\u00a0application since August 2023, requesting more time to deliberate on evaluating its actions concerning the proposal.\u00a0<\/span><\/p>\n

Grayscale, a crypto asset management company applied to convert its Bitcoin trust to an ETF in October 2021. However, the <\/span>US SEC denied the request<\/span><\/a>, stating that the crypto asset investment firm\u2019s proposal did not meet anti-fraud and investor protection standards.<\/span><\/p>\n

Grayscale responded by filing a court appeal in the District of Columbia requesting the court to review the US SEC\u2019s rejection of Grayscale\u2019s Bitcoin ETF application.\u00a0<\/span><\/p>\n

The digital asset management company scored an <\/span>unprecedented victory <\/span><\/a>against the US SEC after Judge Naomi Rao from the federal court of appeals ruled against the US SEC, stating that the commission\u2019s rejection of Grayscale\u2019s proposal was \u201carbitrary and capricious\u201d because the regulator failed to explain its denial of spot Bitcoin ETFs after approving similar products like Bitcoin Futures in June 2023.\u00a0<\/span><\/p>\n

Related Reading: BULLISH: Bloomberg Analyst Points Out Two Key Bitcoin Metrics Demonstrating Historic Strength<\/a><\/div>\n

In light of the court\u2019s ruling, the crypto community and other prominent financial institutions like <\/span>JP Morgan<\/span><\/a> believe that the approval of spot Bitcoin ETFs is inevitable.\u00a0<\/span><\/p>\n

Presently the US SEC has delayed spot Bitcoin ETFs from several prominent crypto firms including <\/span>Bitwise<\/span><\/a>, <\/span>BlackRock<\/span><\/a>, <\/span>WisdomTree<\/span><\/a>, Invesco, <\/span>Ark Invest<\/span><\/a>, Galaxy, VanEck, and <\/span>Fidelity<\/span><\/a>.\u00a0<\/span><\/p>\n

The commission is yet to respond to the demands of Congress and the crypto community awaits more detailed information in the hearing on September 27.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC continues to surge toward $27,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Coinfomania, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Lawmakers in the United States have finally put their foot down and demanded that the US SEC Chairman approve Grayscale\u2019s spot Bitcoin ETF proposal \u201cimmediately.\u201d US Congress Imposes Spot Bitcoin ETF Immediate Approval A group of four members of the United States Congress sent a letter to the United States Securities and Exchange Commission (SEC) Chairman, Gary Gensler on Tuesday, September 26 demanding the prompt endorsement of spot Bitcoin ETFs.\u00a0 Related Reading: Early Rejection Of 21Shares Spot Bitcoin ETF Sparks Concerns The letter described major flaws in the US SEC\u2019s rejection of Grayscale\u2019s spot Bitcoin ETF proposal, stating that if the SEC is unable to provide an appropriate explanation for its different regulatory treatment of spot Bitcoin ETFs and Bitcoin Futures, then its rejection would be seen as an \u201cunlawful\u201d discrimination.\u00a0 The letter was signed by prominent US lawmakers including Mike Flood, Ritchie Torres, Tom Emmer, and Wiley Nickel. The lawmakers stated that Congress is tasked to ensure the US SEC meets all investment product requirements created by Congress.\u00a0 The members of Congress have also shown support for the initiation of Spot Bitcoin ETFs and stated that spot Bitcoin ETFs would ensure investors are properly safeguarded from investment risks since there would be better clarity on Bitcoin cryptocurrency.\u00a0 \u201cA regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent,\u201d the US lawmakers stated.\u00a0 A hearing between the US SEC Chairman and the Congress is scheduled for Wednesday, September 27 and Gensler may be subjected to intense scrutiny and questions on his rejection of spot Bitcoin ETFs. US SEC Delay ETF Approval Yet Again The US SEC has continued to delay its approval for Grayscale\u2019s spot Bitcoin ETF \u00a0application since August 2023, requesting more time to deliberate on evaluating its actions concerning the proposal.\u00a0 Grayscale, a crypto asset management company applied to convert its Bitcoin trust to an ETF in October 2021. However, the US SEC denied the request, stating that the crypto asset investment firm\u2019s proposal did not meet anti-fraud and investor protection standards. Grayscale responded by filing a court appeal in the District of Columbia requesting the court to review the US SEC\u2019s rejection of Grayscale\u2019s Bitcoin ETF application.\u00a0 The digital asset management company scored an unprecedented victory against the US SEC after Judge Naomi Rao from the federal court of appeals ruled against the US SEC, stating that the commission\u2019s rejection of Grayscale\u2019s proposal was \u201carbitrary and capricious\u201d because the regulator failed to explain its denial of spot Bitcoin ETFs after approving similar products like Bitcoin Futures in June 2023.\u00a0 Related Reading: BULLISH: Bloomberg Analyst Points Out Two Key Bitcoin Metrics Demonstrating Historic Strength In light of the court\u2019s ruling, the crypto community and other prominent financial institutions like JP Morgan believe that the approval of spot Bitcoin ETFs is inevitable.\u00a0 Presently the US SEC has delayed spot Bitcoin ETFs from several prominent crypto firms including Bitwise, BlackRock, WisdomTree, Invesco, Ark Invest, Galaxy, VanEck, and Fidelity.\u00a0 The commission is yet to respond to the demands of Congress and the crypto community awaits more detailed information in the hearing on September 27.\u00a0 BTC continues to surge toward $27,000 | Source: BTCUSD on Tradingview.com Featured image from Coinfomania, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":553127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,656,1119,1144,78790,14690,1944,89193,8379,3799,84647],"class_list":["post-553121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-news","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto-news","tag-etf","tag-etf-news","tag-etfs","tag-sec","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\nSpot Bitcoin ETF: US Lawmakers Jump In With Demands For The SEC<\/title>\n<meta name=\"description\" content=\"US lawmakers have put their foot down and demanded that the US SEC Chairman approve Grayscale\u2019s spot Bitcoin ETF proposal \u201cimmediately.\u201d\" \/>\n<meta name=\"robots\" content=\"index, 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Spot Bitcoin ETF: US Lawmakers Jump In With Demands For The SEC","url":"http:\/\/wncen.com\/news\/spot-bitcoin-etf-lawmakers-sec\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/spot-bitcoin-etf-lawmakers-sec\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Spot-Bitcoin-ETF.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Spot-Bitcoin-ETF.jpeg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etf","bitcoin news","btc","btcusd","btcusdt","crypto news","etf","etf news","etfs","sec","spot bitcoin etf"],"dateCreated":"2023-09-27T12:00:13Z","datePublished":"2023-09-27T12:00:13Z","dateModified":"2024-06-11T08:16:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Spot Bitcoin ETF: US Lawmakers Jump In With Demands For The SEC\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/spot-bitcoin-etf-lawmakers-sec\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/spot-bitcoin-etf-lawmakers-sec\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Spot-Bitcoin-ETF.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Spot-Bitcoin-ETF.jpeg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etf\",\"bitcoin news\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto news\",\"etf\",\"etf news\",\"etfs\",\"sec\",\"spot bitcoin etf\"],\"dateCreated\":\"2023-09-27T12:00:13Z\",\"datePublished\":\"2023-09-27T12:00:13Z\",\"dateModified\":\"2024-06-11T08:16:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/Spot-Bitcoin-ETF.jpeg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/553121"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=553121"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/553121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/553127"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=553121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=553121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=553121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}