House Republicans offer rare praise to SEC after bitcoin ETF approval 

House Republicans have expressed rare praise for the US Securities and Exchange Commission (SEC) following the agency’s approval of several bitcoin exchange-traded funds (ETFs). In a joint statement, House Financial Services Committee Chairman Patrick McHenry and digital assets subcommittee head French Hill called the decision a “historic milestone” for the cryptocurrency industry. They commended the SEC for moving away from its previous approach of regulating through enforcement and applauded the increased access this approval would provide for investors and the market. House Majority Whip Tom Emmer also recognized the significance of the approval, attributing it to the efforts of the crypto industry in overcoming obstacles. This positive response from House Republicans comes after an incident where the SEC’s official account was compromised, resulting in the false announcement of bitcoin ETF approval and subsequent market volatility. Subcommittee head French Hill referred to this incident as a “real low point” for the SEC and criticized the potential risks posed by unreliable regulators in the digital asset market.