The narrative surrounding Bitcoin ETF and Ethereum ETF has become a focal point in the crypto community. The speculated deadline of January 10th is believed to be the ultimate date by which a decision on the Bitcoin ETF will be made, provided all approvals are processed simultaneously.
Bipartisan Push from House Lawmakers
A bipartisan assembly of House lawmakers is not merely observing from the sidelines. They’ve actively reached out to SEC Chair, Gary Gensler, stressing the urgency for immediate action, especially concerning spot Bitcoin ETF.
Rejections Leading to Contention
The SEC’s recent refusal on various ETF applications has stirred considerable debate. Four influential members of the House Financial Services Committee, including notable figure Rep. Tom Emmer, the majority whip in the House, are urging the SEC to progress with ETF applications without delay.
Court Battles and Their Impact
This sense of urgency has been exacerbated by the SEC’s recent legal setback regarding their decision to decline Grayscale’s spot Bitcoin ETF application. These lawmakers argue that a spot Bitcoin ETF bears no significant difference from the already-approved crypto futures ETFs. They emphasize that withholding approvals from esteemed applicants like Fidelity, BlackRock’s iShares, and Grayscale Investments is unwarranted.
Clarion Call for Immediate Action
The collective sentiment was encapsulated in a letter from Reps. Mike Flood, Tom Emmer, Wiley Nickel, and Ritchie Torres, which read, “The SEC’s current stance is unviable in the long run. Post the Court of Appeals’ verdict, consistently rejecting these applications based on inconsistent criteria is incoherent.”
Last month’s directive from a D.C. Circuit Court of Appeals judge further emphasized the need for SEC to reassess its position, especially when the Grayscale rejection was labeled “arbitrary and capricious.”
A Waiting Game
Gensler’s forthcoming appearance at an SEC oversight hearing adds another layer of anticipation. It serves as an opportunity for committee members to voice their concerns directly.
Promising Prospects of ETFs
Bitcoin and Ethereum ETFs offer a more streamlined entry point into the crypto world, simplifying transactions via easily traded brokerage accounts. With significant figures like Emmer, part of the Congressional Blockchain Caucus, championing these approvals, the crypto community awaits the SEC’s next move with bated breath.