Chamber of Digital Commerce bats for Bitcoin ETF as SEC…

ambcrypto.com:

To protect the interests of investors in the United States, the crypto advocacy group Chamber of Digital Commerce urged the Securities and Exchange Commission, or SEC, to approve applications for Bitcoin exchange-traded funds (ETFs).

The Chamber of Digital Commerce claimed in research released on Monday titled “The Crypto Conundrum” that the U.S. has lagged behind other nations where citizens have access to cryptocurrency investment products like Bitcoin ETFs. 

The crypto advocacy group went on to say that there had been “no reported instances of hacking or theft and no indications of market manipulation” about Bitcoin ETFs that had been made available internationally, arguing that the SEC’s earlier denial of applications was “misguided and counterproductive.”

The Chamber of Digital Commerce — naming Canada, Germany, Sweden, Switzerland, and Australia said,

“As the SEC continues to stonewall, the United States continues to fall further behind other countries as capital that would have been invested in the United States, which would be managed by U.S. firms employing U.S. persons, is instead deployed in other, more innovation-friendly countries.”

A fund that enables investors to trade Bitcoin easily is now available, long seen as a big step toward accessibility for an industry whose assets are still mainly seen as being too opaque and volatile for the average individual. 

Such ETFs would include tokens in the same types of packaged funds that have long let investors test out highly specialized market areas, various bond types, or broad stock indices without having to secure their capital or pay management fees.

In response to the SEC’s denial of a Bitcoin ETF, the crypto advocacy group argued that the agency had violated its