United States Representative Warren Davidson has introduced the SEC Stabilization Act into the House of Representatives. One of the bills main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler. The bill would remove Gensler from office and redistribute power between the SEC chair and commissioners. It would also add a sixth commissioner to the agency, disallow any party from holding a majority on the commission and create an executive director position. The SEC declined to comment on the matter.
BlackRock (NYSE:BLK), the worlds largest investment company, has filed an application for a Bitcoin spot exchange traded fund (ETF). It would be the first crypto spot ETF in the United States, if it receives approval. According to the filing, Coinbase (NASDAQ:COIN) Custody Trust Company would be the custodian of the fund and Bank of New York Mellon (NYSE:BK) would custody its fiat. The SEC has not approved a spot Bitcoin ETF so far despite numerous applicants. The worlds first spot traded Bitcoin ETF was Canadas Purpose Bitcoin ETF, set up in early 2021.
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