US House Chair Warns Gensler as SEC Criticizes Spot Bitcoin ETF Filings

SEC Chairman Gary Gensler

US House Chair Patrick McHenry warns Gensler over SEC’s critique of Bitcoin ETF filings.

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US House Financial Services Committee Chairman Patrick McHenry issues a Twitter warning to Chair Gary Gensler as the SEC deems spot Bitcoin ETF filings by financial giants “inadequate.” Despite criticism from the crypto community regarding a leveraged futures Bitcoin ETF, the absence of a spot Bitcoin ETF continues to draw attention.



Patrick McHenry voices criticism against SEC Chair Gary Gensler:

US House FSC Republican Chairman Patrick McHenry pledges to closely monitor the US SEC’s handling of financial services giant BlackRock’s spot Bitcoin ETF filing.

McHenry expresses his concerns and demands explanations from Gary Gensler if the reports are accurate. He emphasizes the importance of the SEC examining a spot Bitcoin ETF, asserting that it would offer investors a regulated product.

Furthermore, McHenry suggests that the potential rejection could stem from Gary Gensler’s desire to stifle crypto innovation within the United States.

However, the US SEC has simply notified Nasdaq and CBOE to refile their applications, specifically addressing the “surveillance-sharing agreements” and spot Bitcoin exchange to be utilized by asset managers such as BlackRock and Fidelity.

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Subsequently, Fidelity and other asset managers designated Coinbase as the market for conducting surveillance. In the previous month, the SEC granted approval for a leveraged Bitcoin ETF, leading to community ridicule aimed at the SEC for rejecting a spot Bitcoin ETF. Some crypto influencers highlighted that the community’s response to the report was an overreaction.

The submission of spot Bitcoin ETF applications by industry leaders like BlackRock and Fidelity, among others, contributed to the broader crypto market’s recovery.

Bitcoin price poised for bullish momentum:

In the past 24 hours, the price of BTC has experienced a 1% decline, currently trading at $30,532, representing a decrease of 1% within the same timeframe. Bitcoin’s lowest and highest points in the last 24 hours have been recorded at $29,600 and $31,093, respectively.

 



Renowned analyst Michael van de Poppe suggests that the crypto market’s response to the US SEC’s assessment of insufficient Bitcoin ETF filings was merely an overreaction. He anticipates a continued upward movement in the BTC price, projecting a range of $35,000 to $40,000.

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