US Congress Members Urges Gensler to Approve Bitcoin ETFs Now
Congress members urge SEC Chair, Gary Gensler, to approve Bitcoin ETFs and ensure fair treatment for investors in the crypto world.
Members of Congress from both parties are asking Gary Gensler, the SEC Chair, to approve Bitcoin exchange-traded funds (ETFs) and stop unfair actions. These lawmakers want a fair system and to protect those who invest in cryptocurrency.
Four representatives, including Tom Emmer and Ritchie Torres, sent a letter reminding the SEC to protect investors and let them access new ways to invest. They talked about a court case, Grayscale vs. SEC, where the court said the SEC was wrong in its approach to Bitcoin ETFs.
These lawmakers believe Bitcoin ETFs will make investing in Bitcoin safer and more open. They urge the SEC to approve these ETFs if they follow the rules. Another group, the GOP members, asked for a pause to study the matter more, especially thinking about small investors.
During a meeting, Chairman Patrick McHenry was unhappy with Gensler for not replying to questions. McHenry said Gensler could be forced to answer by law. Journalist Eleanor Terret mentioned big disagreements between the two parties on how Gensler is doing his job.
A big question is whether Bitcoin is a security. Gensler confirmed that, according to a test (the Howey Test), it isn't. Everyone is waiting to see how Gensler responds to the concerns, as this will shape the future of Bitcoin ETFs and rules for cryptocurrency.
