Four prominent members of the US Congress are making an unprecedented plea to SEC Chair Gary Gensler to swiftly authorize spot Bitcoin exchange-traded funds (ETFs), citing the current Bitcoin value of $26,216 as a compelling reason for immediate action.

Representatives Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres contend that the SEC’s perceived bias against spot Bitcoin ETFs is unfair. They reference Grayscale Investments’ legal victory and the subsequent labeling of the SEC’s rationale as “arbitrary and capricious.” They stress the importance of bolstering investor protection and transparency through regulated spot Bitcoin ETFs.

The lawmakers collectively call on Gensler to “expeditiously approve the listing of spot-bitcoin ETPs.” Notably, a crucial hearing is on the horizon before the House Financial Services Committee, where all four members wield significant influence. Despite the looming threat of a government shutdown, the hearing is expected to proceed.

Despite heightened expectations in the cryptocurrency market, the SEC has yet to greenlight any spot Bitcoin ETFs. Following the SEC’s legal defeat to Grayscale in August, hopes were raised for a reconsideration. However, the regulator has since postponed decisions on ETFs proposed by major firms such as BlackRock, WisdomTree, Invesco Galaxy, Valkyrie, Bitwise, VanEck, and Fidelity. The cryptocurrency industry and investors eagerly await developments that could pave the way for new investment opportunities and further legitimize the crypto sector.