Congressman Criticizes SEC for Rejecting ‘Fidelity’ Bitcoin ETF

Congressman Criticizes SEC for Rejecting ‘Fidelity’ Bitcoin ETF

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Answer Congressman Criticizes SEC for Rejecting ‘Fidelity’ Bitcoin ETF

Tom Emer, Representative of the State of Minnesota in the US Congress, criticized the US Securities and Exchange Commission for dropping and rejecting Fidelity’s Bitcoin ETF offer that was originally made last March.

Emer, known as one of the friendliest crypto voices in the US Congress, called the decision baseless.

The SEC again cited concerns about fraud prevention and investor protection as the reason behind the latest rejection.

Last month, Fidelity launched the Canadian Spot Bitcoin ETF.

The ETF is traded on the Toronto Stock Exchange.

Canada became the first country in the world to approve a Bitcoin ETF in early 2021.

Repeated rejection:

In November, Representative Emmer and Democrat Darren Soto sent a letter to the chair of the SEC, presenting a compelling case for approval of a Bitcoin ETF.

Read:Ripple co-founder has sold 1.2 billion XRP since 2014

While the Securities and Exchange Commission (SEC) approved the first Bitcoin futures ETF in October 2021, the reporter argues that spot ETFs are more efficient.

A week ago, the SEC regulator also rejected a spot bitcoin ETF offer made by SkyBridge Capital and First Trust.

Valkyrie and Cryptoin’s bid was rejected by the SEC in late December.

During the same month, the SEC denied the WisdomTree application.

The authority is widely expected to reject an offer made by Stone Ridge’s subsidiary, NYDIG, in the coming days.

Read:Three reasons behind the record rise of the digital currency AVAX by 800% in two months!

Read also:

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