US House Chair Backs BlackRock Bitcoin ETF, Plans SEC Oversight Hearings

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US House Chair Patrick McHenry to Monitor SEC’s Response to BlackRock Bitcoin ETF Application

US House Financial Services Committee Chairman Patrick McHenry recently expressed his support for the BlackRock iShares spot Bitcoin ETF on Twitter. In his tweet, he criticized the regulatory approach of the Securities and Exchange Commission (SEC), led by Gary Gensler, stating that it relies too heavily on regulation by enforcement when it comes to regulating the digital asset market. McHenry’s remarks highlight his stance on the need for a more proactive and supportive regulatory framework for cryptocurrencies.

Patrick McHenry, Chairman of the US House Financial Services Committee, expressed his intent to closely monitor the response of the US Securities and Exchange Commission (SEC) regarding the spot Bitcoin ETF application filed by BlackRock’s iShares. In a tweet directed at SEC Chair Gary Gensler, McHenry emphasized the importance of avoiding favoritism and inconsistent decision-making when it comes to selecting winners and losers in the cryptocurrency market. He concluded by stating his vigilant attention to the matter.

Chairman Patrick McHenry has scheduled two oversight hearings for the US Securities and Exchange Commission (SEC) on June 22. The hearings will focus on “Oversight of the SEC” and “Oversight of the SEC’s Division of Trading and Markets.”

Also Read: BlackRock Selects Coinbase Custody for Spot Bitcoin ETF, SEC Lawsuit Conclusion Imminent?

The US House oversight subcommittee is expected to question Haoxiang Zhu, Director of the SEC’s Division of Trading and Markets, about FINRA’s approval of Prometheum as a special purpose broker-dealer serving as a qualified custodian for cryptocurrencies. The Division of Trading and Markets oversees FINRA, the regulatory body responsible for overseeing brokerage firms and exchange markets.

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Crypto Community Expresses Outrage Over Prometheum’s Stance on Cryptocurrency

The crypto community claims that Prometheum’s approval by the US SEC and FINRA is “controversial.” Additionally, Representative Mike Flood criticizes the approval, calling it “nonsense” because the firm does not offer trading in popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

Prometheum co-CEO Aaron Kaplan has voiced support for Gary Gensler, the head of the US SEC. During a hearing on regulatory clarity for digital assets, Kaplan argued that the existing regulatory frameworks established by the US SEC provide a clear direction for the digital asset industry.

Chairman Patrick Henry of the U.S. House Financial Services Committee promises to establish clear regulations for digital assets and stablecoins. Henry sees the draft stablecoin bill as the initial move towards regulating cryptocurrencies in the United States.

Additionally, the House committee is planning to vote on a digital asset bill in the upcoming month. This bill aims to provide clear guidelines and regulations for the cryptocurrency industry. It will also determine whether the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) holds authority over the crypto industry.

Crypto Market Grows as BlackRock Bitcoin ETF Approaches

The cryptocurrency market experienced a rebound as traders swiftly responded to the news of BlackRock iShares submitting an application for a spot Bitcoin exchange-traded fund (ETF). This development generated optimism among market participants, leading to a recovery in crypto prices. The filing of the ETF application by BlackRock iShares signaled a potential entry of a major financial services firm into the Bitcoin market, which had a positive impact on investor sentiment.

Over the past 24 hours, the price of Bitcoin has seen a 3% increase, and it is currently trading above $25,500. Throughout this period, the lowest price recorded was $24,879, while the highest price reached $25,735. At the same time, the price of Ethereum has also experienced a significant surge of over 2% within the last 24 hours. Presently, Ethereum is being traded at $1,665.

Also Read: SEC halts ETH futures ETFs.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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