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Grayscale Bitcoin Trust

<p>The post <a rel="nofollow" href="https://coinpedia.org/news/the-us-lawmakers-urge-sec-to-speed-up-bitcoin-etf-approval-process/">The US Lawmakers Urge SEC to Speed Up Bitcoin ETF Approval Process</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The Congress of The United States has released an official letter dated 26 September 2023 addressing the Chair of the Securities and Exchange Commission, Gary Gensler, urging him to approve Bitcoin EFT immediately.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-what-the-letter-states"><strong>What the Letter States</strong></h2> 
<p>The <a href="https://flood.house.gov/sites/evo-subsites/flood.house.gov/files/evo-media-document/sec-bitcoin-spot-etf-letter-signature-check.pdf">letter </a>mentions the order passed in the case of <a href="https://uk.practicallaw.thomsonreuters.com/w-040-5871?originationContext=document&amp;transitionType=DocumentItem&amp;contextData=(sc.Default)&amp;ppcid=2fcd0951ca08428c8c276f1a8546c3fa#:~:text=Related%20Content-,Grayscale%20Investments%2C%20LLC%20v.,Bitcoin%20ETF%20Arbitrary%20and%20Capricious&amp;text=The%20US%20Court%20of%20Appeals,%2Dtraded%20fund%20(ETF).">Grayscale Invs., LLC v. SEC</a> by the United States Court of Appeals for the District of Columbia. In the order, the Court of Appeal held that Grayscale’s proposed Bitcoin ETP is “materially similar, across relevant regulatory factors, to the approved Bitcoin futures ETPs”.&nbsp;</p> 
<p>It also mentions how the Circuit Court has supported Grayscale’s claims that the SEC’s decision to reject Grayscale’s application to convert Grayscale Bitcoin Trust (GBTC) to spot Bitcoin ETP violated the Administrative Procedures Act.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-urge-to-approve"><strong>Urge to Approve</strong></h2> 
<p>Approving a Bitcoin ETF could make it much easier for investors to enter the cryptocurrency market since ETFs are designed for easy trading through brokerage accounts. Among the lawmakers advocating for this change are Rep. Tom Emmer, a key figure in House leadership serving as the majority whip, along with Reps. Mike Flood and Ritchie Torres, who are members of the <a href="https://congressionalblockchaincaucus-schweikert.house.gov/members">Congressional Blockchain Caucus</a> in the House. The letter directly states that there are no valid reasons for which the SEC has been delaying and denying the approval is discriminatory and inconsistent.</p> 
<p>Furthermore, the SEC’s hesitancy appears increasingly contradictory, with significant businesses like BlackRock and Fidelity in the queue for clearances. Furthermore, this week’s House Financial Services Committee hearing allows these concerns to be aired directly to Gensler.</p>

The US Lawmakers Urge SEC to Speed Up Bitcoin ETF Approval Process

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