The world's largest asset manager BlackRock filed with the SEC yesterday for a spot Bitcoin ETF.
While Bitcoin responded positively to this news, it rose to $ 25,800.
BlackRock's spot ETF application was welcomed by the market, with support from Patrick McHenry, Chairman of the US House Financial Services Committee.
Posting on Twitter, Patrick McHenry stated that he supports BlackRock's ETF application.
Criticizing the SEC and its Chairman Gary Gensler's approach to regulating the cryptocurrency industry through sanctions, McHenry said he will closely monitor BlackRock's Bitcoin ETF application and the SEC's response.
McHenry said that while the decision on the ETF rests with chairman Gensler, the SEC should not make ETF acceptance or rejection decisions based on inconsistent factors.
“The decision on the ETF rests with SEC Chairman Gary Gensler.
However, the SEC should not make an ETF acceptance or rejection decision based on inconsistent factors. I will closely monitor BlackRock's spot ETF application."
Your move, @GaryGensler.
The @SECGov must not pick winners and losers based on inconsistent factors. I'll be watching this closely. https://t.co/iKPiQgPwQU
— Patrick McHenry (@PatrickMcHenry) June 15, 2023
Patrick McHenry has criticized Gensler before. In this context, Gensler wrote in a letter to several senators that the SEC's approach to the cryptocurrency industry is hurting investors, saying that this approach is hurting the economy as a whole and is failing to recognize the unique benefits of cryptocurrency technology.
It should be noted that although BlackRock has submitted a spot Bitcoin ETF application, the SEC has so far approved several BTC futures ETFs, not accepting any spot Bitcoin ETF applications.
In this regard, the SEC has previously rejected the spot Bitcoin ETF application from different companies, including 21 Shares, WisdomTree, Fidelity, SkyBridge, Valkyrie Investments, and VanEck.
The SEC has rejected spot BTC ETFs for reasons such as market manipulation, fraud, and a lack of transparency in the underlying BTC market.
*Not investment advice.
