Lawmakers Demand SEC Approve Spot Bitcoin ETPs Immediately, Citing Court Ruling
Portfolio Pulse from Murtuza Merchant
A group of bipartisan lawmakers have written to SEC Chair Gary Gensler, urging the approval of spot Bitcoin ETPs. The letter references a recent court ruling that upheld Grayscale's stance that the SEC violated the Administrative Procedures Act by denying its application to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETP. The lawmakers argue there is no valid reason to continue denying applications for a regulated spot Bitcoin ETP, which they believe would enhance investor protection. The SEC's decision on the proposed ARK 21Shares Bitcoin ETF has been postponed to January 2024.
September 26, 2023 | 9:48 pm
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POSITIVE IMPACT
The approval of spot Bitcoin ETPs could potentially increase the accessibility and liquidity of Bitcoin, potentially leading to increased demand and price.
The approval of spot Bitcoin ETPs would make Bitcoin more accessible to a wider range of investors, potentially increasing demand and driving up the price. However, the impact is uncertain as it depends on the SEC's decision and market response.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The court ruling in favor of Grayscale could potentially lead to the conversion of the Grayscale Bitcoin Trust into a spot Bitcoin ETP, potentially increasing its attractiveness to investors.
The court ruling in favor of Grayscale could potentially lead to the conversion of the Grayscale Bitcoin Trust into a spot Bitcoin ETP. This could make the trust more attractive to investors, potentially driving up its price. However, the impact is uncertain as it depends on the SEC's decision and market response.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100