US House Chair Warns Gary Gensler After SEC Calls Spot Bitcoin ETF Filings “Inadequate”

After reports of the US Securities and Exchange Commission (SEC) calling spot Bitcoin ETF filings by financial giants “inadequate”, US House Financial Services Committee Chairman Patrick McHenry took to Twitter to warn Chair Gary Gensler. The crypto community mocks the US SEC for leveraged futures Bitcoin ETF, but still no spot Bitcoin ETF.

Patrick McHenry Criticized SEC Chair Gary Gensler

US House FSC Republican Chairman Patrick McHenry earlier said he will closely watch the US SEC’s response to spot Bitcoin ETF filing by financial services giant BlackRock.

Patrick McHenry said if the reports of the US SEC are true, then Gary Gensler has a lot to explain regarding the action. He urged the US SEC to look into a spot Bitcoin ETF, claiming that it will provide investors with a regulated product.

In addition, he said the only reason behind rejecting it could be Gary Gensler wanting to kill crypto innovation in the US.

However, the US SEC only informed Nasdaq and CBOE that they need to refile applications with respect to the “surveillance-sharing agreements” and spot Bitcoin exchange that would be used by BlackRock, Fidelity, and other asset managers.

Later, Fidelity and other asset managers named Coinbase as the market for its surveillance. The SEC approved a leverage Bitcoin ETF last month, which caused the community to mock SEC for denying spot Bitcoin ETF. Several crypto influencers also noted that the community overreacted to the report.

Spot Bitcoin ETF applications from BlackRock and Fidelity, among others, helped bring a recovery in the broader crypto market.

Also Read: Is Litecoin Price Poised For 700% Rally? Legendary Trader Peter Brandt Says This

BTC Price Sets for Bullish Momentum

BTC price fell 1% in the last 24 hours, with the price currently trading at $30,532, down 1% in the last 24 hours. The 24-hour low and high for Bitcoin are $29,600 and $31,093, respectively.

Popular analyst Michael van de Poppe said the crypto market just overreacted to the report of the US SEC calling the recent Bitcoin ETF filings inadequate. He predicts further upside in BTC price to $35k-$40k.

Also Read: US Treasury Silently Rebuilt $500 Billion, Will It Impact Bitcoin, Crypto And Stocks Rally?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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