Digital Chamber of Commerce Bats for Bitcoin ETFs as SEC …

To protect the interests of investors in the United States, the cryptocurrency advocacy group Digital Chamber of Commerce urged the Securities and Exchange Commission, or SEC, to approve applications for Bitcoin exchange-traded funds (ETFs).

The Digital Chamber of Commerce he said in research published Monday titled “The riddle of cryptocurrencies” that the US has lagged behind other nations where citizens have access to cryptocurrency investment products such as Bitcoin ETFs.

The cryptocurrency advocacy group went on to say that “there have been no reported cases of hacking or theft and no indications of market manipulation” on the Bitcoin ETFs that had been made available internationally, arguing that the previous denial of applications by of the SEC was “misleading and counterproductive.”

The Digital Chamber of Commerce – denomination Canada, Germany, Sweden, Switzerland, And Australia She said,

“As the SEC continues to hinder, the US continues to lag behind other countries as capital that would have been invested in the US, which would be managed by US companies employing US employees, is instead distributed to other, more innovative ones. friendly countries “.

Need for Bitcoin ETFs?

A fund is now available that allows investors to easily trade Bitcoin, which has long been considered a big step towards accessibility for an industry whose assets are still mostly seen as too opaque and volatile for the average individual.

Such ETFs would include tokens in the same types of package funds that have long allowed investors to test highly specialized market areas, various types of bonds or broad stock indices without having to guarantee their capital or pay management fees.

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In response to the SEC’s denial of a Bitcoin ETF, the cryptocurrency advocacy group said the agency had violated its duty to protect investors by encouraging investors to “acquire their exposure. [to crypto] in a less regulated and / or foreign environment, where they are much more susceptible to unscrupulous actors and the risks of self-custody “.

They further stated,

“The SEC has now positioned itself as a regulator of merit on this matter. It has been established that the American public cannot yet take responsibility for familiar, convenient, liquid, transparent and regulated access to Bitcoin markets. Unfortunately, the cost of this position has fallen, and will continue to decline, for US investors and US capital markets. “

According to research from the Digital Chamber, the SEC’s stance is inconsistent with its previous practices and has remained unchanged even as the industry has tried to address the agencies’ complaints.

Well, the SEC has agreed a Teucrium futures ETF which was filed under the same law that spot ETF applications were based on earlier this year, which added to the irritation of those looking for spot funds. However, SEC President Gary Gensler he said that because the statute includes specific consumer protections, he agrees with futures ETFs.

However, the regulator, which is preparing to defend its position in court, is unlikely to be persuaded by this week’s findings.

About 16 different applicants have received their petitions to establish spot-market versions – funds that own Bitcoin – despite the industry having gained approval for Bitcoin futures ETFs. The agency has repeatedly expressed concern over possible market manipulation.

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