Crypto Lobbyist Group Tells SEC It’s Time for Bitcoin ETF, Says Regulator Is Inconsistent With Policy
A crypto lobby group is telling the US Securities and Exchange Commission (SEC) that its inconsistent guidelines are making it difficult to create a Bitcoin (BTC) exchange-traded fund (ETF).
In a new report, the Chamber of Digital Commerce says it’s time for the SEC to approve a Bitcoin ETF after it rejected a number of bids over the past few years to do so.
According to the lobbyist group, the SEC is biased in its mandates to approve Bitcoin ETFs, as it forces firms against Bitcoin futures ETFs, which it has indicated it will approve.
“The SEC has imposed an unprecedented requirement on the industry that is unique only to Bitcoin, requiring an applicant to prove that Bitcoin price discovery occurs on the CME [Chicago Mercantile Exchange]where futures contracts refer to Bitcoin trading, as opposed to the major cryptocurrency trading venues such as Coinbase or Gemini.
The imposition of this requirement has no precedent, including with respect to other commodity-based ETFs approved by the SEC.”
The group goes on to say that if the SEC is left unchecked to create arbitrary rules, it could lead the U.S. economy to a “dark place.”
“Unfortunately, it is increasingly likely that it will take litigation or a focused effort by Congress to break through the SEC’s increasingly arbitrary and unjustified treatment of this important investment product.
Moreover, if the SEC’s ability to transform itself into a merit-based regulator goes unchecked, the future of innovation and capital raising in the United States will be bleak indeed.”
The report also notes that due to the SEC’s refusal to approve a Bitcoin ETF, the United States is falling behind other Western nations when it comes to legalizing crypto products.
“The United States is behind. Regulators in Canada, Germany, Sweden, Switzerland and Australia have allowed issuers in those countries to bring Bitcoin ETFs and other cryptocurrency exchange-traded products to market.”
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Featured image: Shutterstock/weeramix/Tithi Luadthong
