Chambers Of Digital Commerce Takes Aim At SEC, Wants Bitcoin ETF For U.S.
The U.S. Securities and Exchange Commission (SEC), led by Gary Gensler, has been under criticism for its refusal to approve a Bitcoin ETF in the American crypto space.
A Time for a Bitcoin ETF
In its latest report, the Chambers for Digital Commerce digs at the SEC chair, Gary Gensler. The report seeks to know why the commission is reluctant to approve a Bitcoin ETF for the U.S. market.
Moreover, the organization argues that all the requirements set by the SEC have been met. It wonders why the regulator has been unwilling to approve it since the first application by the Winklevoss Twins in 2013. Since then, the SEC has rejected every application seeking to approve a Bitcoin ETF.
For emphasis, the Chamber of Digital Commerce is an association in the blockchain ecosystem. The trade body represents crypto exchanges, digital asset services, and providers.
The organization aims to promote the adoption of digital assets and blockchain technologies.
The central argument of the association is the SEC’s reluctance to approve a Bitcoin ETF nearly ten years after its first application. Close to 16 firms have applied to offer Bitcoin ETFs to American investors.
Furthermore, the organization revealed that the U.S. is being left behind as other countries approve of such a crypto product. Innovators in the digital asset industry are seeking other countries to operate as the U.S. is becoming unattractive.
As a result, the U.S. is deprived of capital that would have been invested but has moved to other crypto-friendly nations. Sweden, Canada, Germany, Switzerland, and Australia have approved Bitcoin ETF products.
Shots Fired
After working closely with the SEC for nearly ten years, the Chamber of Digital Commerce is convinced that the commission is not supportive of the crypto industry.
The organization noted that the SEC’s frequent rejection has more to do with its legal request to oversee the crypto industry. The consensus from market players is that Gensler is seeking oversight of the crypto space via the SEC’s rulemaking.
Furthermore, a February 2022 interview by an SEC commissioner highlights the perception of Gensler’s motive. The commissioner is reported to have said that Gensler is working to put crypto platforms under the purview of the SEC.
However, the organization noted that litigation is the surest way to force the SEC to approve a Bitcoin ETF. The issue here is litigation against a government agency is uncertain, expensive, and time-consuming.
However, the Chamber of Digital Commerce maintained that Gensler has no intention of approaching a Bitcoin ETF. If Gensler eventually agrees, it will not be until the SEC is empowered to regulate crypto exchanges through legislation or unilateral guidelines.
The trade association calls for the U.S. Congress to halt the SEC’s unwarranted treatment of an important crypto asset investment product.
It will be interesting to see if the organization will take the litigation route or lobby the U.S. Congress to approve the Bitcoin ETF’s offer to investors.
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