Lawmakers have recently sent a letter to the U.S. Securities and Exchange Commission (SEC) urging the regulator to hasten the approval of Bitcoin Exchange Traded Products (ETPs). The letter was signed by congress representatives Mike Flood, Tom Emmer, Ritchie Torres, and Wiley Nickel. The lawmakers acknowledged the significance that approval would hold in the market, as it would strengthen investor’s safety and make Bitcoin investments even more accessible to interested market players. They also noted that the United States Court of Appeal for the District of Columbia had confirmed that the SEC did violate the Administrative Procedures Act when it denied Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) to a Bitcoin spot Exchange Traded Product (ETPs). The letter also criticized the current SEC Chairman, Gary Gensler, for his position on the crypto market. Gensler has sanctioned cryptocurrency firms and rejected ETF proposals on multiple occasions, despite urging them to carry out necessary regulations. The lawmakers concluded that Congress has a duty to ensure that the U.S. SEC approves investment products, as long as they meet the requirements set out by Congress.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	10
People	Wiley Nickel, Ritchie Torres, Gary Gensler, Tom Emmer, Mike Flood
Companies	Grayscale Bitcoin Trust (GBTC), SEC, U.S. Securities and Exchange Commission, United States Court of Appeal for the District of Columbia, Grayscale
Currencies	Ethereum, Bitcoin
Securities	None