Crypto lobbyists criticized the regulatory decisions of the US Securities body, which is denying the approval of Bitcoin spot ETFs applications.
Bitcoin spot ETF is a stock like a trading asset, or we can say a crypto asset-backed asset fund, which remain under the official support of government financial agencies. From late 2021 to 2022, The United States Securities and Exchange Commission (SEC) approved many Bitcoin futures ETFs applications but never approved any Bitcoin spot ETFs. Every time the SEC agency claims that people may face huge losses because Bitcoin spot ETFs product prices can be manipulated.
On 12 September, Coindesk reported that a Washington, DC-based advocacy group The Chamber of Digital Commerce released a report which stated that the US SEC agency is hurting the US Investors to not to allow Bitcoin spot ETFs investment vehicle, which is available in other countries.
DC-based advocacy group noted that the US securities agency is thinking that US Investors are not ready for such investment & financial products, which is transparent.
“It has determined that the American public cannot yet handle the responsibility of familiar, cost-effective, liquid, transparent, and regulated access to the Bitcoin markets. (…) The SEC continues to force U.S. investors who wish to invest in this transformative asset class into unregulated or foreign alternatives.”
Perianne Boring, the founder of the Digital Chamber of Commerce, commented that it was the first document report on the arbitrary and capricious behavior of the SEC agency. She also said that Congress needed to interfere in this matter.
“SEC’s denials are viewed comprehensively, a pattern emerges that the agency must address or if they can’t address it, Congress should take action.”
A popular spot ETFs strategist claimed that the SEC agency may think to approve Bitcoin spot ETFs applications from mid of 2023 because in the present time there are some proposals to change the securities laws in favor of cryptocurrencies and once it will get approval the SEC may green signal to all Bitcoin spot ETFs products.