House Committee Champions Spot Bitcoin ETF Approval Immediately As SEC Faces Grilling

Key Points:

• The bipartisan House Committee pushes the SEC for spot Bitcoin ETF approval.
• Members urge immediate action and suggest dropping opposition to the Bitcoin ETFs.
• SEC Chair Gensler will face questions in the upcoming hearing.

Four members of the House Financial Services Committee, including Rep. Tom Emmer, the majority whip in the House leadership, have united in a bipartisan effort to push the U.S. Securities and Exchange Commission (SEC) to greenlight spot Bitcoin exchange-traded funds (ETFs).

Congressional Pressure Mounts for Spot Bitcoin ETF Approval

This call comes ahead of an upcoming hearing with SEC Chair Gary Gensler scheduled for later this week.

In a joint letter addressed to Chair Gensler, Representatives Mike Flood (R-Neb.), Tom Emmer (R-Minn.), Ritchie Torres (D-N.Y.), and Wiley Nickel (D-N.C.) urged the SEC to expedite the approval of pending Spot Bitcoin ETF applications. They argued that such approval would enhance investor protection by increasing transparency and safety in accessing Bitcoin.

The lawmakers emphasized that the SEC should heed the courts’ decisions and abandon any efforts to block Bitcoin ETFs from gaining regulatory approval. Furthermore, they called for the immediate approval of the outstanding ETF applications.

SEC Facing Pressures From Industry

This move follows a recent legal victory for the crypto industry when the U.S. Court of Appeals for the D.C. Circuit ruled that the SEC must re-review Grayscale’s bid for a spot Bitcoin ETF. This decision came after Grayscale‘s lawsuit against the SEC following the initial rejection of their ETF proposal.

The House Financial Services Committee is poised to address these concerns directly with Chair Gensler during an upcoming SEC oversight hearing this week. The industry and regulators alike are keenly awaiting a decisive move from the SEC following its courtroom setback in denying Grayscale’s application.

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