The ongoing hearing featuring the United States Congress’s House Financial Services Committee and Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC) is clearly not going in the market cop’s way.
As part of the hearing, Congressman Rep Warren Davidson, known for his positive disposition to Bitcoin (BTC) and the broader cryptocurrency asked the SEC Chair if he respects the authority of the Judiciary in matters that pertain to the Bitcoin ETF.
The basis for this question was drawn from Gensler’s prior comment on a court ruling in which the Judge said the basis upon which the SEC is denying spot Bitcoin ETF applications is “Arbitrary and Capricious.” As captured by Rep Davidson, Gensler said “not really” when an interviewer asked him whether or not he’d respect the verdict from the Judge.
The lawmaker then asked about the approach the commission is taking to revise its approach toward a Bitcoin ETF. Chair Gensler gave an abridged answer to this, noting that the applications for spot Bitcoin ETF are in “active consideration.”
On the comment on whether or not the SEC will prioritize some big-spot Bitcoin ETF applicants over others who have been working with the commission for years, the SEC Chair just shrugged off this question, and a detailed answer was not given until the time allotted to Rep Davidson ran out.
With the likes of BlackRock and Fidelity now fully invested in the Bitcoin ETF pursuit, worries loom over the timeline and the manner of approvals, if at all.
As part of their collective efforts to help hasten the timeline for the approval of spot BTC ETF approval, lawmakers have, prior to this hearing, urged the markets regulator to hasten its timeline for the approval of the much-needed product in order to preserve the financial innovation dominance of the United States.
Amidst all this clamor, the SEC has chosen to postpone its expected decision on the Bitcoin ETF applications from the duo of GlobalX and Ark Invest cum 21Shares. This is proof that the regulator has no intentions of approving the ETF anytime soon.
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