Tom Emmer, a U.S Congressman, said that this SEC action is “driving opportunity off our shores.”
In an interview with Cheddar News about the SEC’s rejection of spot bitcoin ETFs, Tom Emmer showed his attitude: “I’m very frustrated with Gary Gensler,” he said, “he’s so smart to be so stupid.” “This is driving opportunity off our shores.” Tom Emmer indicated the SEC intellectual inconsistency: “You are allowing a Bitcoin future to trade, right?,” “So what you allow the one (Future Bitcoin ETFs) and not the other (Spot Bitcoin ETFs)? It makes no sense.“
“More importantly, the mission of the SEC is to protect and promote investment opportunities for Americans. And that’s not just Americans who have huge financial means to participate in a great capital market, it’s about individual investors all across this country,” Tom Emmer added.
In the past, several Bitcoin futures ETFs that track the value of Bitcoin futures contracts were approved and launched. These products come from Valkyrie, ProShares, and VanEck.
On June 30, 2021, NYDIG presented a proposal for a spot Bitcoin ETF. It is the digital asset-focused subsidiary of Stone Ridge Asset Management valued at $7 billion, making it a major competitor in the race for the first Bitcoin ETF. By January 15, 2022, the SEC is expected to make a decision on the approval. However, the regulator has since announced that it would be postponed until March 16, 2022.
A spot bitcoin ETF would make a significant difference as it would replicate directly with the market value of bitcoin itself. To date, no spot ETF has been launched in the USA and, if approved, would be an important milestone for the crypto industry.
Some experts predict that a spot Bitcoin ETF will hit the market before the end of 2022, although previous rejections suggest the wait could be longer.
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