Following recent rejection of Fidelity’s Spot Bitcoin ETF application by SEC, Minnesota Congressman Tom Emmer slams SEC.
Minnesota Representative Tom Emmer has chastised the Securities and Exchange Commission for rejecting Fidelity’s Wise Origin Bitcoin Trust’s proposal for a spot Bitcoin exchange-traded fund, which was originally filed in March.
Another day, another baseless rejection of a Bitcoin spot ETF.— Tom Emmer (@RepTomEmmer) January 27, 2022
The decision was termed as “baseless” by Emmer, who is known as one of the more crypto-friendly members of Congress. Concerns about fraud prevention and investor safety were once again highlighted by the SEC as the rationale for the rejection. Fidelity introduced a spot-based Bitcoin ETF in Canada last month. The Toronto Stock Exchange is where it trades. In early 2021, Canada became the first jurisdiction in the world to approve a Bitcoin ETF.
Several rejections by SEC
Emmer and Democratic senator Darren Soto wrote to SEC Chairman Gary Gensler in November, pleading with him to approve a Bitcoin ETF.
While the SEC approved the first Bitcoin ETF based on futures in October, the letter claims that spot-based ETFs are more efficient. SkyBridge Capital and First Trust proposed a spot Bitcoin ETF, which was also rejected by the powerful regulator a week ago.
The SEC halted Valkyrie and Kryptoin’s attempt in late December. The SEC denied WisdomTree’s application in the same month. The SEC declined WisdomTree’s application in the same month. A proposal submitted by Stone Ridge subsidiary NYDIG is also expected to be rejected by the government.
