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U.S. Reps. Tom Emmer (R-Minn.) and Darren Soto (D-Fla.) advocated for the trading of bitcoin spot exchange-traded funds (ETFs) in a strongly worded letter to U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler on Wednesday.

• The letter questioned why the SEC is comfortable with allowing a derivatives-based bitcoin ETF but not a bitcoin spot ETF. It referred to the launch of the first bitcoin futures ETF in U.S., which started trading in October.
• Emmer and Soto wrote that bitcoin spot ETFs are based directly on the asset and offer investors more protection than one based on derivatives.
• “To be clear, we do not intend to say that one method of exposure is better than the other, but rather that unless there are clear and demonstrable investor protection advantages, investors should have a choice over which product is most suitable for them and their investment objectives,” the lawmakers wrote.
• Last week, Steven McClurg, chief investment officer of Valkyrie Funds, which proposed its own bitcoin futures ETF, said the market probably won’t see a bitcoin spot ETF until 2022.