Former Trump principal deputy solicitor of the U.S. Department of the Interior Gregory Zerzan argues regulators are trying to get their hands around something they don’t understand.
Bitcoin was trading 1% lower Thursday morning.
The price was around $62,300 per coin, while rival Ether, the world’s second-largest cryptocurrency, is trading around $4,550, down from Wednesday’s all time high of $4,643.
Dogecoin was trading around 26 cents per coin, respectively, according to Coindesk.
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Bitcoin exchange-traded funds was the topic of a letter sent by U.S. Reps. Tom Emmer, R-Minn., and Darren Soto, D-Fla., to SEC Chairman Gary Gensler, according to Coindesk.
They are advocating for the trading of bitcoin spot exchange-traded funds and 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.
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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.
In other cryptocurrency news, Coinbase is now allowing customers to borrow as much as 40% of their bitcoin value up to $1 million with no credit checks, the company tweeted on Tuesday.
The annual percentage rate on the loans will be 8%, and borrowers won’t be required to show credit checks, Coinbase said.
Customers can obtain the cash using their PayPal or bank accounts. They will need to make minimum $10 monthly interest payments, and Coinbase is offering flexible repayment schedules.
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Coinbase dropped plans earlier this year for a crypto lending product after the U.S. Securities and Exchange Commission raised concerns.
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