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- Patrick McHenry urged the US SEC to explore the potential.
- Last month, the SEC approved a Bitcoin ETF that employs leverage.
Reports indicating that the US SEC has deemed the applications from major financial firms for spot Bitcoin ETFs as “inadequate” led US House Financial Services Committee Chairman Patrick McHenry to caution Chair Gary Gensler via Twitter. The cryptocurrency community has mocked the US SEC for endorsing a Bitcoin ETF based on leveraged futures while rejecting a spot Bitcoin ETF.
Republican Chairman of the US House Financial Services Committee Patrick McHenry has previously stated that he would closely observe the US SEC’s response to the Bitcoin ETF application submitted by financial services giant BlackRock.
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Patrick McHenry noted that if the US SEC’s assertions hold true, Gary Gensler has much to clarify. He argued that a spot Bitcoin ETF would grant investors access to a regulated product and urged the US SEC to consider this possibility.
He also speculated that Gary Gensler’s intention to halt crypto innovation in the United States might be the sole rationale for its rejection.
Regarding the “surveillance-sharing agreements” and the spot Bitcoin exchange that the tech companies would utilize, the US SEC has merely cautioned Nasdaq and CBOE that they must re-submit their applications.
Consequently, Fidelity and other asset managers have identified Coinbase as the platform for its surveillance. Last month, the SEC approved a Bitcoin ETF that utilizes leverage, which drew criticism from the Bitcoin community since the SEC had earlier denied a spot Bitcoin ETF.
The applications from these tech giants for a spot Bitcoin exchange-traded fund (ETF) have sparked a resurgence in the broader cryptocurrency market. Bitcoin remains stable above the $30k mark, with other altcoins also experiencing a rebound.
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