Congressman Criticizes SEC for Rejecting Fidelity’s Bitcoin ETF

Alex Dovbnya

Tom Emmer Continues To Push The SEC To Approve A Bitcoin ETF Spot

Minnesota Representative Tom Emmer has criticized the U.S. Securities and Exchange Commission for shooting down a bitcoin exchange-traded fund proposal filed by Fidelity’s Wise Origin Bitcoin Trust, which was originally filed in March.

Emmer, who is known as one of the crypto-friendly voices in the US Congress, described the decision as “baseless.”

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

Last month, Fidelity launched a spot-based Bitcoin ETF in Canada. It is traded on the Toronto Stock Exchange.

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

A lot of rejections

In November, Emmer and Democratic lawmaker Darren Soto sent a letter to SEC Chairman Gary Gensler, making a compelling case for the approval of a Bitcoin ETF.

While the SEC gave the green light to the first futures-based Bitcoin ETF in October, the letter states that spot-based ETFs are more efficient.

A week ago, the formidable regulator also rejected the mock Bitcoin ETF proposal submitted by SkyBridge Capital and First Trust.

The attempt by Valkyrie and Kryptoin was aborted by the SEC in late December. In the same month, the SEC rejected WisdomTree’s application. In the same month, the SEC rejected WisdomTree’s application.

The agency is also widely expected to turn down a proposal from Stone Ridge subsidiary NYDIG.

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