A group of crypto lobbyists are telling the US Securities and Exchange Commission (SEC) that its inconsistent policies are making it difficult to set up an exchange-traded fund (ETF) with Bitcoin (BTC).
In a new report, the Chamber of Digital Commerce states that it is time for the Securities and Exchange Commission to approve a Bitcoin ETF after rejecting numerous offers over the past few years to do so.
According to the lobbying group, the SEC is biased in its Bitcoin ETF approval mandates because it forces companies to choose Bitcoin futures ETFs, which they have shown they will approve.
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“The Securities and Exchange Commission (SEC) has imposed on the industry an unprecedented requirement that is unique to Bitcoin, which requires the plaintiff to prove that price discovery on Bitcoin occurs in the CME. [Chicago Mercantile Exchange]It is where futures contracts refer to Bitcoin are traded, unlike major cryptocurrency exchanges like Coinbase or Gemini.
The imposition of this requirement is without precedent, including with respect to other SEC-approved commodity ETFs.
The group goes on to say that if the SEC is left unchecked to create arbitrary rules, it could lead the US economy into a “dark place”.
“Unfortunately, it is becoming increasingly likely that litigation or targeted congressional efforts will be required to break the SEC’s increasingly abusive and unwarranted treatment of this important investment product.
Moreover, if the SEC’s ability to transform itself into a merit-based regulator is left unchecked, the future for innovation and raising capital in the United States will already be bleak.
The report also notes that due to the Securities and Exchange Commission (SEC) refusing to approve the Bitcoin ETF, the US is lagging behind other Western countries in terms of legalizing crypto products.
The United States is lagging behind. Regulators in Canada, Germany, Sweden, Switzerland and Australia have allowed issuers in those countries to market Bitcoin ETFs and other exchange-traded products.
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