U.S. Representatives Tom Emmer and Darren Soto are calling on the Securities and Exchange Commission and its chair, Gary Gensler, to approve a spot bitcoin exchange-traded fund.
In a letter released Wednesday, Emmer and Soto questioned why the SEC cleared the way for futures-linked bitcoin ETFs but not those that actually hold bitcoin itself. The historic listing of the ProShares bitcoin ETF, which took place last month, paved the way for several other similar products to list in the U.S. for the first time.
As the two members of Congress note:
“Last month, the Securities and Exchange Commission (SEC) allowed trading to commence for two Bitcoin futures exchange-traded funds (ETF) that provide exposure to CME-traded Bitcoin futures. While this is a step forward for millions of Americans who are demanding access to simple ways to invest in Bitcoin, these products are potentially much more volatile than a Bitcoin spot ETF and may impose substantially higher fees on investors due the
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