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Crypto Lobbyist Group Tells SEC Its Time for Bitcoin ETF, Says Regulator Is Inconsistent With Policy

A crypto lobbyist group is telling the U.S. Securities and Exchange Commission (SEC) that its inconsistent insurance policies render it tough to create a Bitcoin (BTC) exchange-traded fund (ETF).

In a brand new report, the Chamber of Digital Commerce says it’s time for the SEC to approve a Bitcoin ETF after it rejected quite a few bids all through the previous couple of years to take action.

According to the lobbyist group, the SEC is biased in its mandates for approving Bitcoin ETFs because it forces companies towards Bitcoin futures ETFs, which it has proven it should approve.

“The SEC has imposed on the business an unprecedented requirement distinctive solely to Bitcoin, which requires that an applicant show that price discovery on Bitcoin happens on the CME [Chicago Mercantile Exchange], the place futures contracts referencing Bitcoin commerce, versus on the key cryptocurrency buying and selling venues comparable to Coinbase or Gemini.

The imposition of this requirement has no precedent, together with with respect to different commodity-based ETFs authorized by the SEC.”

The group goes on to say that if the SEC is left unchecked to create arbitrary guidelines, it could lead on the US economic system to a “dark place.”

“Unfortunately, it’s turning into more and more possible that it’ll take litigation or targeted efforts by Congress to interrupt via the SEC’s more and more arbitrary and unwarranted therapy of this vital funding product.

Moreover, if the SEC’s potential to rework itself right into a merit-based regulator goes unchecked, the way forward for innovation and capital elevating within the United States might be darkish certainly.”

The report additionally notes that due to the SEC’s refusal to approve a Bitcoin ETF, the US is falling behind different Western nations by way of legalizing crypto merchandise.

“The United States is falling 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

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