Chamber of Digital Commerce urges SEC to approve Bitcoin ETF for US investors
The Blockchain Advocacy Group Digital Chamber of Commerce called It has asked the SEC to approve a spot Bitcoin ETF to discourage US Bitcoin investors from looking to more crypto-friendly countries.
Bitcoin Exchange Traded Funds (ETFs) allow investors to gain exposure to Bitcoin without actually owning it. Being able to trade on stock market exchanges makes it easier for traditional investors to gain exposure to the asset class.
So far, the US has allowed investors to invest through Bitcoin futures ETFs, but has yet to approve Bitcoin ETFs. Bitcoin Futures ETFs are backed by Bitcoin derivatives, while Spot ETFs are backed by actual Bitcoins.
Since 2013, 16 cryptocurrency companies have applied for approval to offer spot Bitcoin ETFs. The application was denied by the SEC for insufficient protection against bitcoin price manipulation.
latest advocacy group Publication He said the SEC’s concerns had been resolved. So far, there is no record of Bitcoin ETF price manipulation as exchanges have implemented monitoring tools to check for market manipulation.
The Digital Chamber of Commerce says the SEC’s failure to approve spot Bitcoin ETFs has forced US investors to look to other regulated jurisdictions such as Canada, Germany, Sweden, Switzerland and Australia. I was.
The group added that delays in SEC approval of spot ETFs are forcing the economy to flee more capital.
As the SEC continues to interfere, the US sees capital invested in the US and otherwise controlled by US companies employing Americans being deployed in other, more innovation-friendly countries instead. Therefore, it continues to lag behind other countries.
The Digital Chamber of Commerce said it believes: “The time has come for US investors to have access to Bitcoin ETFs. “
Jurisdictional Land Grab
The Digital Chamber also accused SEC Chairman Gary Gensler of deliberately delaying the approval of a spot Bitcoin ETF in order to extend the SEC’s control over the cryptocurrency exchanges on which Bitcoin is traded. did.
The real excuse for blocking is coming to light #bitcoin ETF applications are not based on unmet legal criteria, but as a means of achieving eminent domain eminent domain. 5/7 pic.twitter.com/4y2ptkZovH
— Digital Chamber of Commerce (@DigitalChamber) September 12, 2022
Gary Gensler asserts that Bitcoin is a commodity, not a security. As a result, Congress is considering allowing the Commodity Futures Trading Commission (CFTC) to regulate cryptocurrencies such as Bitcoin and Ethereum.
Nonetheless, the SEC chairman is working to indirectly regulate Bitcoin ETFs by regulating cryptocurrency exchanges. SEC Commissioner Hester Peirce reportedly Said:
“I think[Chairman Gensler]is trying to get these crypto platforms into our orbit.”
