Cryptocurrency advocacy group Chamber of Digital Commerce has asked the Securities and Exchange Commission, or SEC, to approve applications for Bitcoin exchange-traded funds (ETFs) in the interests of United States-based investors.
In a Monday report titled “The Crypto Conundrum,” the Chamber of Digital Commerce said the United States has fallen behind other countries whose residents have access to cryptocurrency investment vehicles, including Bitcoin (BTC) ETFs. . The cryptocurrency advocacy group added that there were “no reported instances of hacking or theft and no indication of market manipulation” related to foreign-launched Bitcoin ETFs, suggesting that the SEC’s reasoning in previously rejecting applications it was “wrong and counterproductive.”
“As the SEC continues to stall, the United States continues to lag behind other countries as capital that would have been invested in the United States, managed by American companies employing American people, is deployed to change in other more innovation-friendly countries,” said the Digital Chamber of Commerce – naming Canada, Germany, Sweden, Switzerland and Australia.
The time has come for US investors to have access to an ETF that directly holds #bitcoin.
Download The Crypto Conundrum to read the full saga.https://t.co/jJwWcAW8IT pic.twitter.com/UPT6V2AlJ6
— Chamber of Digital Commerce (@DigitalChamber) September 12, 2022
The cryptocurrency advocacy group hit back at the SEC citing its obligation to protect investors by denying approval of a Bitcoin ETF, saying its actions encouraged investors “to buy their exposure.” [a las criptomonedas] in a less regulated and/or foreign environment where they are much more susceptible to unscrupulous actors and the risks of self-custody.”
“The SEC has now positioned itself as a regulator of merit in this matter. It has determined that the American public cannot yet take responsibility for familiar, profitable, liquid, transparent and regulated access to the Bitcoin markets. Unfortunately, the cost This position has fallen, and will continue to fall, on American investors and capital markets.”
“We cannot deny the enormous demand for exposure to this innovative new asset class,” Chamber of Digital Commerce founder and CEO Perianne Boring said in an interview Monday on Fox Business. “You would think our regulators would be working with the industry to bring regulated products to market for retail investors, but they have been stopped at every attempt over the last decade.”
According to the report, part of the SEC’s motivation for continuing to deny BTC ETF applications may be political. The CDC said that SEC Chairman Gary Gensler’s efforts to expand the regulator’s authority to include many crypto products was effectively a “jurisdictional land grab.” The group claimed that their positions also cut off engagement between regulators and token issuers.
To date, the US financial regulator has rejected Bitcoin ETF applications from 16 firms, often stating that proposed rule changes allowing exchanges to list investment vehicles were not “designed to prevent fraudulent and manipulative acts and practices.” .” The CDC report claimed that advocacy groups had made “little, if any, progress” in convincing the SEC to change its position on the matter, stating that “the United States is no closer to having an ETF than when Cameron and Tyler Winklevoss filed the first registration statement for a Bitcoin ETF in 2013.” However, the SEC has given the green light to several ETFs linked to BTC futures.
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