A gaggle of U.S. Congress individuals despatched a letter to Securities and Change Fee (SEC) Chair Gary Gensler on Tuesday, urging the company to “approve the checklist of spot-bitcoin ETPs in an instant.”

The letter was once signed via Representatives Mike Flood, Tom Emmer, Ritchie Torres, and Wiley Nickel. The lawmakers argued {that a} regulated spot bitcoin exchange-traded fund (ETF) would “build up investor coverage” via offering more secure and extra clear get right of entry to to bitcoin investments.

“Congress has an obligation to make sure the SEC approves funding merchandise that meet the necessities set out via Congress,” the letter said.

Final month, the U.S. Courtroom of Appeals for the District of Columbia Circuit rejected the SEC’s argument that bitcoin markets are “uniquely proof against manipulation” and now not but mature sufficient for ETF approval. The courtroom dominated that this declare didn’t justify the SEC’s determination to disclaim Grayscale’s proposed bitcoin ETF.

Mentioning this, the Congress individuals wrote, “There’s no reason why to proceed to disclaim such programs underneath inconsistent and discriminatory requirements.” They argued that the SEC’s stance is “untenable transferring ahead.”

The SEC has time and again blocked proposals for spot bitcoin ETFs, regardless of programs from main monetary corporations together with Constancy, BlackRock, Bitwise, VanEck, Galaxy, Invesco, and WisdomTree. The company has simplest authorized bitcoin futures ETFs to this point, drawing complaint over inconsistent requirements.

The lawmakers advised Chair Gensler, “A place bitcoin ETP is indistinguishable from a bitcoin futures ETP. Thus, the SEC’s present posture is untenable transferring ahead.” They pressed the SEC to briefly approve a place Bitcoin fund.