Lawmakers are urging the SEC Chair, Gary Gensler, to approve the listing of spot-bitcoin Exchange Traded Products (ETPs) immediately. They argue that Congress has a duty to ensure that the SEC approves investment products that meet the requirements set out by Congress. The lawmakers pointed out the SEC’s differential treatment of spot bitcoin ETPs compared to similar funds based on futures contracts, which the regulator has approved. They believe that spot bitcoin ETPs are indistinguishable from bitcoin futures ETPs and that the SEC’s current posture is untenable. The SEC has not yet responded to the request for comment. Although companies like BlackRock and Fidelity have submitted applications for spot bitcoin ETFs, the SEC has not yet approved any.
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