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US House Financial Services Committee Chairman Criticizes SEC Chair for Inadequate Spot Bitcoin ETF Filings

July 1 (Cointime) - US House Financial Services Committee Chairman Patrick McHenry has criticized SEC Chair Gary Gensler for calling spot Bitcoin ETF filings by financial giants "inadequate". McHenry urged the SEC to look into a spot Bitcoin ETF, claiming that it will provide investors with a regulated product.

He also warned Gensler that rejecting it could be seen as an attempt to kill crypto innovation in the US. The 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. The crypto market overreacted to the report, with BTC price currently trading at $30,532, down 1% in the last 24 hours.

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