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To date, the SEC has not approved any Bitcoin spot ETF application from a financial institution despite some lawmakers and industry leaders criticizing the commission’s inaction for holding the United States back on innovative investment vehicles.companies continues to showcase spot crypto applications, with the second dismissing recently those of fidelity, skybridge, and wisdomtree.
In a Tuesday letter from Gensler addressed to Minnesota Representative Tom Emmer, the SEC chair hinted that the regulatory body was no closer to approving a Bitcoin (BTC) spot ETF in the United States capable of preventing “fraudulent and manipulative acts and practices” by the standards of the Exchange Act. In a tuesday letter from gensler to minnesota on behalf of tom emmer, the sec chair hinted that the regulatory body was no closer to approving a bitcoin (btc) spot etf in the united states capable of preventing “fraudulent and manipulative acts and practices” by the standards of the exchange act.
Gensler reiterated its policy of technological neutrality. That he would "pay particular attention" to the concerns raised by Emmer in November. pic.twitter.com/WbgSDj7o0T
— Tom Emmer (@RepTomEmmer) February 17, 2022
We received a response from SMB Chair Gensler to our March 3, 2021 letter regarding ATK One-Time ETFs. The pair advocated for the SEC to approve Bitcoin spot ETFs, with Soto calling crypto “a driver of economic growth” in the U.S. and “crucial for us to clearly regulate it in order to maximize the potential benefits and mitigate any risks.”
Pic.twitter.com/wbgsdj7o0t— tom emmer (@reptomemmer) 17 Feb 2022gensler took over three months to reply to a letter from emmer and pro-crypto representative darren soto. Gensler took over three months to answer a letter from Emmer and pro-crypto representative Darren Soto.
The pair argued for the sec to approve the bitcoin spot etf, with Soto calling crypto “a driver of economic growth” in the U.S. and “crucial for us to clearly regulate it in order to maximize the potential benefits and mitigate any risks.” However, after Gensler hinted in August 2021 that he would be more open to accepting ETFs based on crypto futures rather than through direct exposure, many companies filed crypto "strategy" ETF applications with the SEC. "while trading bitcoin futures is a big step forward for the millions of u.s. investors who have been demanding regulatory clarity, it is not logical that bitcoin spot etfs may also start trading." so far, the sec has not approved any bitcoin spot etf application from a financial institution despite some lawmakers and industry leaders criticizing the commission’s inaction for holding the united states back on innovative investment vehicles.
Related: SEC Advisory Committee member calls agency to open for public comment on crypto regulation
However, after gensler implied in august 2021 that it would be more open to accepting etfs based on crypto futures rather than direct exposure, many companies have filed applications for cryptostrategy etfs with the sec. The Board has since approved ETFs related to Valkyrie's BTC Futures, ProShares and VanEck.
