Four members of the United States Congress are requesting Securities and Exchange Commission (SEC) chair Gary Gensler “immediately” approve the listing of spot Bitcoin (BTC) exchange-traded funds, or ETFs.
In a Sept. 26 letter to Gensler, U.S. Representatives Mike Flood, Wiley Nickel, Tom Emmer and Ritchie Torres claimed the SEC was “discriminat[ing] against spot bitcoin exchange traded products”, citing the legal precedent set by Grayscale Investments in winning a review of its own ETF offering. The four lawmakers told Gensler there was “no reason to continue to deny” spot crypto ETF applications following the Grayscale court decision, which ruled the SEC’s reasoning was “arbitrary and capricious” in having already approved investment vehicles tied to Bitcoin futures.
“A regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent,” said the letter. “Congress has a duty to ensure the SEC approves investment products that meet the requirements set out by Congress.”
The lawmakers added:
“[W]e urge you to approve the listing of spot-bitcoin ETPs immediately.”
The request came ahead of Gensler’s scheduled appearance before the House Financial Services Committee on oversight of the SEC. All four lawmakers are members of the committee and could address the matter in the Sept. 27 hearing. The proceeding will likely not be affected by the looming threat of a government shutdown with lawmakers unable to reach an agreement on spending as of the time of publication.
To date, the SEC has not approved the listing of any spot BTC ETF. Many had expected the commission to reconsider pending ETF applications following the SEC’s loss to Grayscale in court in August. However, the regulator subsequently delayed decisions on ETFs from 7 major firms — BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck and Fidelity.
Jess Phillips has said “there is no place” where violence against women and girls “doesn’t happen” – as a new law is set to make spiking a criminal offence.
Earlier on Friday, the government said spiking will now be its own offence with a possible 10-year prison sentence as part of the Crime and Policing Bill, which will be introduced in parliament next week.
It also announced a nationwide training programme to help workers spot and prevent attacks.
Speaking to Sky News correspondent Ashna Hurynag, the safeguarding minister said that while spiking is already illegal under existing laws, the new classification will simplify reporting the act for victims.
“Spiking is illegal – that isn’t in question, but what victims and campaigners who have tried to use the legislation as it currently is have told us is that it’s unclear,” Ms Phillipssaid.
Image: Spiking will be made a criminal offence, carrying a sentence of up to 10 years. Pic: iStock
UK ‘was never safe’ for women
When asked if the UK is becoming a less safe place for women, the minister for safeguarding and violence against women and girls, said: “I don’t think it’s becoming less safe, if I’m being honest. I think it was never safe.”
Speaking about a rise in coverage, Ms Phillips said: “We have a real opportunity to use that, the sense of feeling [built by campaigners] in the country, to really push forward political change in this space.”
“The reality is that it doesn’t matter whether it’s the House of Commons or any pub in your local high street – there is no place where violence against women and girls doesn’t happen, I’m afraid,” she added.
Spiking is when someone is given drugs or alcohol without them knowing or consenting, either by someone putting something in their drink or using a needle.
Police in England and Wales received 6,732 reports of spiking in the year up to April 2023 – with 957 of those relating to needle spiking.
London’s Metropolitan Police added that reports of spiking had increased by 13% in 2023, with 1,383 allegations.
Please use Chrome browser for a more accessible video player
1:00
November 2024: If you got spiked would you report it?
As part of the nationwide training programme, a £250,000 government-funded scheme was started last week to teach staff how to spot warning signs of spiking crimes, prevent incidents and gather evidence.
It aims to train 10,000 staff at pubs, clubs and bars for free by April this year.
Alex Davies-Jones, minister for victims and violence against women and girls, said in a statement that “no one should feel afraid to go out at night” or “have to take extreme precautions to keep themselves safe when they do”.
“To perpetrators, my message is clear: spiking is vile and illegal and we will stop you,” he said. “To victims or those at risk, we want you to know: the law is on your side. Come forward and help us catch these criminals.”
Colin Mackie, founder of Spike Aware UK, also said the charity is “delighted with the steps being taken by the government to combat spiking”.
He added: “Spiking can happen anywhere, but these new initiatives are the first steps to making it socially unacceptable and we urge anyone that suspects or sees it happening, not to remain silent.”