US House Chair Supports BlackRock Bitcoin ETF, Schedules SEC Oversight Hearings

US House Financial Services Committee Chairman Patrick McHenry took to Twitter to indirectly support BlackRock iShares spot Bitcoin ETF, attacking Gary Gensler-led Securities and Exchange Commission’s (SEC) regulation by enforcement approach to regulate the digital asset market.

Patrick McHenry said he will closely watch the US SEC’s response to spot Bitcoin ETF filing by financial services giant BlackRock’s iShares.

Your move, @GaryGensler.

The @SECGov must not pick winners and losers based on inconsistent factors. I’ll be watching this closely. https://t.co/iKPiQgPwQU

— Patrick McHenry (@PatrickMcHenry) June 15, 2023

In addition, Chairman Patrick McHenry has scheduled two US SEC oversight hearings on June 22. The hearings are titled “Oversight of the SEC” and “Oversight of the SEC’s Division of Trading and Markets”.

The SEC’s Division of Trading and Markets oversees FINRA. The US House oversight subcommittee is likely to question Trading and Markets Director Haoxiang Zhu about the FINRA’s approval of Prometheum as a special purpose broker-dealer as a qualified crypto custodian.

Crypto Community Outrage Over Prometheum’s Stance on Crypto

The crypto community alleged that Prometheum’s US SEC and FINRA approval is “controversial.” Moreover, Representative Mike Flood calls Prometheum’s US SEC and FINRA approval as “nonsense” as the firm doesn’t even offer trading in top crypto assets Bitcoin (BTC) and Ethereum (ETH).

Prometheum co-CEO Aaron Kaplan has become the latest mouthpiece for Gary Gensler. During the digital asset regulatory clarity hearing, Kaplan argued the current regulatory frameworks set up by the US SEC are the clear path for the digital asset industry.

The U.S. House Financial Services Committee Chair promises to bring clear regulatory frameworks for digital assets and stablecoins. Patrick Henry believes the draft stablecoin bill marks the first step toward the regulation of crypto in the US.

Moreover, the House committee will hold a committee vote on a digital asset bill to bring clarity to the crypto industry next month. It will also provide clarity on whether the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) has jurisdiction over the crypto industry.

Also Read: US SEC Lawsuit Against Terraform And Do Kwon Could Be Dismissed

Crypto Market Rises in Anticipation of BlackRock Bitcoin ETF

The crypto market recovered as traders reacted immediately to the announcement of BlackRock iShares filing a spot Bitcoin ETF application.

Bitcoin price jumped 3% in the last 24 hours, with the price currently trading above $25,500. The 24-hour low and high are $24879 and $25735, respectively. Meanwhile, Ethereum price also soared over 2% in the past 24 hours. ETH price is currently trading at $1,665.

Also Read: Binance Under Investigation In France For Failing KYC And AML Compliance

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.