Recent reports reveal that the US Securities and Exchange Commission (SEC) has labeled spot Bitcoin ETF filings submitted by major financial players as “inadequate”.
In response, US House Financial Services Committee Chairman Patrick McHenry took to Twitter to warn SEC Chair Gary Gensler.
“If these reports are accurate, @GaryGensler has a lot of explaining to do,” McHenry’s tweet reads.
If these reports are accurate, @GaryGensler has a lot of explaining to do.
An ETF would provide everyday investors with an SEC-regulated product.
The only reason for Chair Gensler to oppose is if he wants to kill crypto in the U.S. all together.https://t.co/YgQuWwCRED
— Patrick McHenry (@PatrickMcHenry) June 30, 2023
Earlier this month, McHenry made a statement emphasizing his intent to closely monitor the Commission’s response to BlackRock’s spot Bitcoin ETF filing.
The US House Financial Services Committee Chairman also expressed his concerns regarding the SEC’s latest reports, stating that if they were true, SEC Chair Gary Gensler would need to provide an explanation for their actions.
He urged the SEC to consider approving a spot Bitcoin ETF, as it would offer investors a regulated product. McHenry also suggested that the SEC’s potential rejection of a spot Bitcoin ETF could be an attempt by Gensler to stifle crypto innovation in the US.
However, it is worth noting that the SEC only requested Nasdaq and CBOE to re-file applications related to “surveillance-sharing agreements” and the spot Bitcoin exchange used by other asset managers such as Fidelity and BlackRock.
Following the recent events, Fidelity and other asset managers have selected Coinbase as their market surveillance partner. Interestingly, despite the SEC approving a leverage Bitcoin ETF last month, the community criticized the regulatory body for rejecting spot Bitcoin ETFs.
It’s worth noting that several crypto influencers pointed out that the community may have overreacted to the reports.
The broader crypto market saw a boost last week with Bitcoin jumping above the $31K level- thanks to the applications for a spot Bitcoin ETF from financial giants like BlackRock and Fidelity, among others.
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