Members of the US Congress have contacted Securities and Exchange Commission (SEC) Chair Gary Gensler, urging him to approve applications for spot bitcoin exchange-traded funds (ETFs).
The SEC has not yet approved any spot bitcoin ETFs, despite growing interest from investors and several recent applications.
JUST IN: 🇺🇸 US Congress members ask SEC Chair Gary Gensler to approve Spot #Bitcoin ETFs.— Watcher.Guru (@WatcherGuru) September 26, 2023
A spot bitcoin ETF would allow investors to buy and sell actual bitcoin through a brokerage account. This could provide easier access to the digital currency for retail investors. However, the SEC has repeatedly denied spot bitcoin ETF applications due to concerns about potential market manipulation and the ability of fund managers to adequately protect investors.
The recent letter from Congress refers to a court victory by Grayscale, in which a judge ruled that the SEC was wrong to deny one of Grayscale’s spot bitcoin ETF applications. Grayscale has been urging the SEC to approve a spot bitcoin ETF in light of this ruling.
If approved, a spot bitcoin ETF could be an important milestone for the cryptocurrency industry. It could set standards and open the doors for other cryptocurrency-based ETFs. However, the SEC could still appeal the Grayscale decision, leaving the fate of a bitcoin ETF uncertain for now. The latest push from Congress adds pressure on the SEC to take action on this long-awaited product.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com