Representatives Tom Emmer and Darren Soto sent a bipartisan letter to United States Securities and Exchange Commission Chair Gary Gensler on Wednesday, strongly questioning why the agency has denied approval for the creation of a Bitcoin (BTC) spot exchange-traded fund (ETF) while allowing Bitcoin futures ETFs to begin trading.

In a spot ETF, the fund holds the actual commodity (in this case, Bitcoin), whereas in a futures ETF fund, it holds contracts to buy and sell the commodity at a future date at a specified price.

In a press release announcing the letter, Emmer said:

“The SEC’s approach to cryptocurrency regulation has been unacceptable. [...] If the SEC cannot outline the perceived material difference in risk profiles, then they should allow ETFs based on spot Bitcoin to be traded.”

Soto affirmed in his accompanying statement:

“Cryptocurrency has proven to be a driver of economic growth in our society. Therefore, it is crucial for us to clearly regulate it in order to maximize the potential benefits and mitigate any risks. It’s important for us to come together to ensure that investors have consistency.”

In October, the ProShares Bitcoin Strategy ETF enjoyed the highest first-day natural volume of any ETF ever. Although the SEC was expected to lead the federal government’s efforts to regulate stablecoins, it appears that will not be the case. The securities regulator also recently shot down a proposed leveraged Bitcoin ETF.