Congress Urges SEC for Consistent Review of Bitcoin and Ethereum ETF Applications
In a letter addressed to SEC Chairman Gary Gensler, members of the United States Congress have called for a consistent and equitable approach when reviewing upcoming applications for digital asset-backed Exchange Traded Products (ETPs).
The lawmakers specifically emphasized that the Commission should apply the same principles set forth in the approval of spot Bitcoin ETFs as it evaluates the pending Ether ETF applications.
Key points:
- Congressional members view the approval of spot Bitcoin ETFs as a pivotal moment for both digital assets and financial markets.
- Bitcoin ETFs offer investors a regulated and transparent investment vehicle to gain exposure to Bitcoin.
- The SEC’s recognition of Bitcoin ETFs is seen as a positive step towards embracing other digital asset ETPs.
- Lawmakers believe the transparency and reporting requirements of ETPs will help facilitate efforts to protect investors and address concerns about potential market manipulation and other violative activity.
Also read: SEC Chair Gary Gensler Warns Crypto Bill Poses Risks To Investors And Capital Markets
Congress urges SEC to maintain consistent approach
The letter highlights the importance of the SEC’s recent approval of spot Bitcoin ETPs, which the lawmakers consider a strong foundation for investor protection.
Furthermore, the congressional members urge the Commission to maintain a consistent and equitable approach when reviewing upcoming applications for other digital asset-backed ETPs.
They specifically call for the Commission to apply the same principles used in the approval of the spot Bitcoin ETPs to the evaluation of the pending Ether ETP applications. This is because the legal considerations relevant to Bitcoin also apply to Ethereum.
In addition to advocating for a consistent approach to reviewing digital asset ETP applications, the congressional members also highlight the broader implications of the SEC’s decisions. They believe that the transparency and reporting requirements of ETPs will help facilitate efforts to protect investors and address concerns about potential market manipulation.
