{"id":181876,"date":"2023-09-27T03:39:21","date_gmt":"2023-09-27T03:39:21","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181876"},"modified":"2023-09-27T03:39:21","modified_gmt":"2023-09-27T03:39:21","slug":"the-us-lawmakers-urge-sec-to-speed-up-bitcoin-etf-approval-process-coinpedia-fintech-news","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/the-us-lawmakers-urge-sec-to-speed-up-bitcoin-etf-approval-process-coinpedia-fintech-news\/","title":{"rendered":"The US Lawmakers Urge SEC to Speed Up Bitcoin ETF Approval Process &#8211; Coinpedia Fintech News"},"content":{"rendered":"<p>The Congress of The United States has released an official letter dated 26 September 2023 addressing the Chair of the Securities and Exchange Commission, Gary Gensler, urging him to immediately approve Bitcoin EFT.&nbsp;<\/p>\n<h2><strong>What the Letter States<\/strong><\/h2>\n<p>The letter mentions the order passed in the case of Grayscale Invs., LLC v. SEC by the United States Court of Appeals for the District of Columbia. In the order, the Court of Appeal held that Grayscale\u2019s proposed Bitcoin ETP is \u201cmaterially similar, across relevant regulatory factors, to the approved Bitcoin futures ETPs\u201d.&nbsp;<\/p>\n<p>It also mentions how the Circuit Court has supported Grayscale\u2019s claims that the SEC\u2019s decision to reject Grayscale\u2019s application to convert Grayscale Bitcoin Trust (GBTC) to spot Bitcoin ETP was in violation of the Administrative Procedures Act.&nbsp;<\/p>\n<h2><strong>Urge to Approve<\/strong><\/h2>\n<p>As a result, Representatives Mike Flood, Tom Emmer, Ritchie Torres, and Wiley Nickel wrote an ensembled letter to Gensler. Their claim is that a regulated spot Bitcoin ETF would provide more investor protection. The change would simplify and safeguard Bitcoin access. The letter goes on to directly state that there are no valid reasons for which the SEC has been delaying and denying the approval is discriminatory and inconsistent.&nbsp;<\/p>\n<p>Furthermore, the SEC&#8217;s hesitancy appears increasingly contradictory with major businesses like BlackRock and Fidelity in the queue for clearances. Furthermore, this week&#8217;s House Financial Services Committee hearing gives an excellent opportunity for these concerns to be aired directly to Gensler.<\/p>\n<p>Source: <a href=\"https:\/\/coinpedia.org\/news\/https:\/\/coinpedia.org\/news\/the-us-lawmakers-urge-sec-to-speed-up-bitcoin-etf-approval-process\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Congress of The United States has<\/p>\n","protected":false},"author":3,"featured_media":181875,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The US Lawmakers Urge SEC to Speed Up Bitcoin ETF Approval Process - Coinpedia Fintech News - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/the-us-lawmakers-urge-sec-to-speed-up-bitcoin-etf-approval-process-coinpedia-fintech-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The US Lawmakers Urge SEC to Speed Up Bitcoin ETF Approval Process - Coinpedia Fintech News - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The Congress of The United States has\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/the-us-lawmakers-urge-sec-to-speed-up-bitcoin-etf-approval-process-coinpedia-fintech-news\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-27T03:39:21+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/09\/The-US-Lawmakers-Urge-SEC-to-Speed-Up-Bitcoin-ETF-Approval-Process-Coinpedia-Fintech-News.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/the-us-lawmakers-urge-sec-to-speed-up-bitcoin-etf-approval-process-coinpedia-fintech-news\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/the-us-lawmakers-urge-sec-to-speed-up-bitcoin-etf-approval-process-coinpedia-fintech-news\/\",\"name\":\"The US Lawmakers Urge SEC to Speed Up Bitcoin ETF Approval Process - Coinpedia Fintech News - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2023-09-27T03:39:21+00:00\",\"dateModified\":\"2023-09-27T03:39:21+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/the-us-lawmakers-urge-sec-to-speed-up-bitcoin-etf-approval-process-coinpedia-fintech-news\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/the-us-lawmakers-urge-sec-to-speed-up-bitcoin-etf-approval-process-coinpedia-fintech-news\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/the-us-lawmakers-urge-sec-to-speed-up-bitcoin-etf-approval-process-coinpedia-fintech-news\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"The US Lawmakers Urge SEC to Speed Up Bitcoin ETF Approval Process &#8211; 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