A new report, “The Crypto Conundrum,” commissioned by the Digital Chamber of Commerce, provides the first comprehensive look at why the Securities and Exchange Commission (SEC) keeps blocking all of the spot bitcoin ETFs.
According to the Digital Chamber of Commerce, it is becoming “increasingly probable” that Congress will need to step in to break through the SEC’s “increasingly arbitrary and unwarranted treatment” of spot Bitcoin exchange-traded products.
When the SEC’s denials are viewed comprehensively, a pattern emerges that the agency must address or if they can’t address it, Congress should take action.Perianne Boring, Founder & CEO of the Chamber of Digital Assets
The experts in the report say that SEC’s ability to “transform itself into a merit-based regulator” cannot go “unchecked” as otherwise, it could “impact the future of capital raising in the US for all investors.”
The push to get the SEC to approve the listing and trading of a Bitcoin ETF in the United States continues to show “frustratingly little progress” despite the efforts of the asset management industry and the desire of the investors to access Bitcoin through the “familiar and time-tested ETF structure” regulated by the SEC.
“We believe the report is the first comprehensive document to detail the arbitrary and capricious behavior of the SEC when it comes to its reviews of spot bitcoin exchange-traded products in the United States,” Perianne Boring, Founder & CEO of the Chamber, told The Pavlovic Today.
“Capturing the historical record in one place is crucial to building awareness and accountability for not only these specific denials, but the Commission’s treatment of the industry as a whole,” added Boring.
“A single denial may be viewed from one perspective, but when the SEC’s denials are viewed comprehensively, a pattern emerges that the agency must address or if they can’t address it, Congress should take action.”
“The Crypto Conundrum” report you can read in full down below.