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US Lawmakers Urge SEC to Approve Bitcoin ETFs

US Lawmakers Urge SEC to Approve Bitcoin ETFs

Representatives Mike Flood and Wiley Nickel are pleading with the U.S. Securities and Exchange Commission (SEC) to approve options trading on Spot Bitcoin ETFs in a bipartisan effort. In a letter to SEC chair Gary Gensler, these senators are pleading with him to consider their proposal. 

Chair of the SEC Gary Gensler Under Pressure To Accept Options For A Bitcoin ETF

The significance of this push lies in the delay issuers have faced in launching options following the historic approval of Spot Bitcoin ETFs in January. After a court decision, the SEC approved the ETFs after a protracted wait. Flood and Nickel, however, are adamant that the SEC no longer treats these recently formed funds unfairly. 

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The letter highlights how crucial it is to approve options trading on Bitcoin ETFs and stresses how important it is to the investors that the SEC is trying to protect. Flood and Nickel represent Republican and Democrat perspectives, emphasizing the urgency of taking immediate action. Additionally, they support providing a clear explanation for the distinction in treatment between options for Bitcoin futures ETFs and Spot Bitcoin ETFs. 

According to an Axios report, the letter sent to Gensler stated, “We urge you, without delay, to approve options on spot Bitcoin ETPs or to provide an explanation for the Commission’s difference in treatment between options for Bitcoin futures ETFs—which are currently trading—and options for the spot Bitcoin ETPs.” 

Shall the CFTC Take Part? 

The larger picture shows that market stock ETFs have different approval processes. The clearance process for options trading for stock exchange-traded funds (ETFs) is usually expedited, whereas commodity trust-based funds must undergo a more complex and drawn-out process. The source of this complexity is the need to receive approval from several regulatory organizations, such as the Commodity Futures Trading Commission (CFTC). 

Furthermore, some with intimate knowledge of the situation believe that the CFTC, not the SEC, will be the main impediment. A further reason for the CFTC’s involvement in certifying these goods is the SEC’s recent discrepancy about the Ethereum (ETH) dispute. Therefore, it is still being determined if the SEC and the CFTC will work together to determine whether or not to approve the Bitcoin ETF options.  

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