After the SEC's decision to sue Coinbase, a key cryptocurrency exchange, other big financial firms, including BlackRock, Bitwise, VanEck, WisdomTree (WT.N), Fidelity, and Invesco (IVZ.N), have asked SEC approval for their bitcoin ETFs.
The members of Congress encouraged the SEC to expedite the normalization of bitcoin and cryptocurrency trading in their letter. Representatives Mike Flood (R-NE), Republican whip Tom Emmer (R-MN), Wiley Nickel (D-NC), and Ritchie Torres were the letter's four signatories (D-NY).
Members of the Congressional Blockchain Caucus include Representatives Flood and Torres.
The representatives argued that the SEC should revisit its evaluation of a proposal by Grayscale Investments, a company that manages digital assets, to convert the Grayscale Bitcoin Trust (GBTC) into an ETF, citing an appeals court judgment made last month.
“There is no reason to continue to deny such applications under inconsistent and discriminatory standards,” the representatives, who are members of the influential House Financial Services Committee, went on to say.
Although it has fallen dramatically from its all-time high of $64,400 in November 2021, the price of Bitcoin (BTC) has maintained a price floor above $26,000 since March of this year, in contrast to the price of some digital assets, such as NFTs.
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