US legislators are insisted by SEC to allow Bitcoin-Spot ETFs trade-regulation
US legislators are insisted by SEC to allow Bitcoin-Spot ETFs trade-regulation
The US legislator has asked the Securities and Exchange Commission (SEC) to approved Bitcoin Spot Fund (ETFs) traded. Since the SEC has approved the trade in Bitcoin Futures ETFs, the legislator said that it should "no longer have any concerns with Bitcoin-Spot ETFs and show a similar willingness to allow for trading with Bitcoin Spot ETFs".
The legislator calls on the SEC to allow the trading of Bitcoin-Spot-ETFs
The US representatives Tom Emmer and Darren Soto sent a cross-party letter to the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, regarding Bitcoin Exchange Trades (ETFS). So far, the SEC has approved two Bitcoin futures ETFs, but has not yet been a Bitcoin-Spot-ETF.
representative Emmer said:
The approach of the SEC to regulate the cryptocurrency was unacceptable. While trading in Bitcoin Futures ETFs for the millions of American investors who are demanding regulatory clarity, it makes no sense that Bitcoin-Spot ETFs cannot also reserve the trade.
The representatives Emmer and Soto found that the SEC approved two Bitcoin futures ETFs and wrote: "We doubt that if you feel comfortable, you can not agree to trade with an ETF based on derivate contacts, do not agree or agree to trade with ETFs based on Bitcoin."
They explained: "Bitcoin-Spot-ETFs are based directly on the asset, which naturally offers more protection for investors", and added that futures products are "potentially much more volatile than a Bitcoin-Spot ETF and investors can impose significantly higher fees".
With reference to the earlier justification of the SEC for the rejection of Spot-Bitcoin ETFs, the legislator claimed that "since the SEC no longer has any concerns with Bitcoin Futures ETFs", then "she probably changed her view of the underlying Spot-Bitcoin market because Bitcoin-Futures by definition" Lying Bitcoin Spotmarkt. " They continued:
The SEC should no longer have any concerns with Bitcoin Spot ETFs and show a similar willingness to allow trading with Bitcoin-Spot ETFs.
The letter also notes that the SEC Bitcoin ETFs continue to reject, but "numerous spot bitcoin investment vehicles were offered", with an administration of more than $ 40 billion (AUM).
"However, since these products could not register as ETFs at the SEC, public trade usually takes place to a value that does not correspond to the net inventory value, and in fact these products have been acted with considerable discounts recently." Value, ”emphasized the congressions. They have worked out:
The approval of futures-based ETFs while at the same time rejecting spot-based ETFs would immortalize these discounts and clearly violate the core task of the SEC to protect investors.
This concludes: "The SEC is able to approved Bitcoin Futures ETFs, which is reflected in the trade of these products, so it should also be able to approved Bitcoin Spot ETFs."
What do you think that the SEC Bitcoin Futures ETFs approved, but no Bitcoin-Spot ETFs? Let us know in the comment area below.
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