Part of the letter read:
The spot-based gold ETF SPDR Gold Trust (P:GLD (NYSE:GLD)) has traded over $55.5 billion in the last 15 years, dwarfing that of the futures gold ETF DB Gold Fund (DGL), which has traded only $50.4 million within the same period.
The SEC has been bombarded with a series of spot Bitcoin ETF proposals. However, they have all been denied so far. Meanwhile, alternative spot BTC investment vehicles have emerged, accumulating over $40 billion in assets, according to the letter.
Due to this, some of these offerings are currently being traded on over-the-counter (OTC) markets at values that vary from their net asset value (NAV), and these products have been trading at a steep discount to their NAV, according to the congressmen. They argued that allowing futures-based Bitcoin products to operate without okaying their spot counterparts would further “perpetuate these discounts and clearly go against the SEC’s core mission of protecting investors.”
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Source: Cryptocurrency - investing.com
