ASA Statement on SEC Rejecting Spot Bitcoin ETF
DALLAS – The American Securities Association (ASA) once again called on the Securities and Exchange Commission (SEC) to approve a spot bitcoin ETF following the Commission’s continued rejection of such a proposal.
“The SEC continues to justify rejecting spot bitcoin ETF’s by claiming the market is unregulated, yet transactions in the physical markets for gold and silver share the same fundamental characteristics as bitcoin and investors have access to spot ETFs for those commodities,” said ASA CEO Chris Iacovella. “It’s past time for the SEC to treat bitcoin like every other ‘commodity’ that is regulated by the CFTC and approve a regulated spot bitcoin ETF product to give American investors the freedom to choose to participate in this innovative asset class.”
At last month’s House digital assets hearing, the ASA called on the SEC to provide regulatory clarity by approving a spot bitcoin ETF. In October, ASA welcomed the trading of a Bitcoin futures ETFs but called on the SEC to allow investors to trade ETFs that hold physical cryptocurrencies. ASA also sent a letter to the Senate Banking Committee urging the SEC to take bold and comprehensive action to establish cryptocurrency rules of the road and protect investors.
ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.