The Chamber of Commerce for Digital, a Washington, D.C.-based advocacy group, commissioned a report scheduled to be released Monday. The report will accuse the SEC of hurting U.S. investors by depriving them of a trading tool already available in other countries.
“It has determined that the American public cannot yet assume responsibility for familiar, cost-effective, liquid, transparent, and regulated Bitcoin market access,” the report said. The SEC continues to force U.S. investors looking to invest in this transformative asset class to turn to unregulated or foreign alternatives.
A fund that allows investors to easily trade Bitcoin has long been seen as an important step in an industry whose assets are still widely seen as too esoteric and volatile for the public.
The agency said it could approve applications when the product has a comprehensive surveillance-sharing agreement with a large, regulated market.
The Chamber of Digital Commerce report said the SEC’s stance was at odds with its past practice, and the industry never backed down even as it tried to answer the agency’s objections.