To protect the interests of investors in the United States, cryptocurrency advocacy group digital chamber of commerce urge The Securities and Exchange Commission, or SEC, To approve applications for bitcoin exchange-traded funds (ETFs).
digital chamber of commerce Claimed in a research released Monday titled “crypto puzzle” The United States has lagged behind other countries in citizens’ access to cryptocurrency investment products such as Bitcoin ETFs.
The crypto advocacy group continued, saying that “no cases of hacking or theft have been reported and there are no indications of market manipulation” around internationally-provided Bitcoin ETFs, arguing that the SEC’s previous rejection of the applications was “misleading and counterproductive.” .”
Digital Chamber of Commerce – Label Canada, Germany, Sweden, Switzerland, And the Australia He said,
“As the Securities and Exchange Commission continues to block it, the United States continues to fall further behind other countries as the capital that would have been invested in the United States, which would have been managed by American companies employing American people, is used instead of Than that in other countries, more innovative ways. Friendly countries. “
Do you need Bitcoin ETFs?
A fund that allows investors to easily trade bitcoin is now available, and has long been seen as a major step toward gaining access to an industry whose assets are still largely opaque and too volatile to the average individual.
These ETFs will include tokens in the same types of packaged funds that have long allowed investors to test highly specialized market areas, different bond types, or broad stock indices without having to hedge their capital or pay management fees.
In response to the SEC’s rejection of the Bitcoin ETF, a crypto advocacy group argued that the agency had violated its duty to protect investors by encouraging investors to “get their exposure.” [to crypto] in a less regulated and/or foreign environment where they are more vulnerable to unscrupulous actors and the risks of self-care.”
They also said,
The SEC has now positioned itself as the merit regulator in this matter. It has been determined that the American public cannot yet take responsibility for the familiar, cost-effective, liquid, transparent and regulated access to the bitcoin markets. Unfortunately, the cost of this position has fallen and will continue to fall for American investors and capital markets.”
According to the Digital Chamber’s investigation, the SEC’s position is inconsistent with its past practices and has remained unchanged even as the industry attempts to address agency complaints.
Well, the SEC accepted one ETF futures growth which were introduced under the same law that ETF instant deposits relied on earlier this year, further irritating those looking for instant funds. But SEC President Gary Gensler He argued that because the platform has specific consumer protections, it’s OK for futures ETFs.
It is still unlikely that the regulator, which is preparing to defend its position in court, will be convinced of this week’s results.
About 16 applicants received their petitions to create spot market versions – the funds that own Bitcoin – despite the industry gaining approval for Bitcoin futures ETFs. The agency has repeatedly expressed concerns about possible market manipulation.