To ensure that the United States Securities and Exchange Commission (SEC) “does not continue to discriminate against” spot Bitcoin exchange-traded funds (ETFs), four members of the U.S. Congress have called for the regulator to approve the listing of such products “immediately.”

In a Sept. 26 letter to SEC Chair Gary Gensler, Representatives Mike Flood, Tom Emmer, Wiley Nickel, and Ritchie Torres posit that a spot Bitcoin ETF is “materially similar” to Grayscale Investment’s own ETF offering, which set a legal precedent after winning a product review. 

As such, the congressmen urged the agency to sign off on applicants requesting SEC approval, including Fidelity, BlackRock’s iShares, and Grayscale.

“A spot bitcoin ETP is indistinguishable from a bitcoin futures ETP. Thus, the SEC’s current posture is untenable moving forward.”

The letter further argued that Gensler and his agency have “no reason to continue to deny such applications under inconsistent and discriminatory standards.”

“A regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent,” said the letter. “Congress has a duty to ensure the SEC approves investment products that meet the requirements set out by Congress,” it added.

Gensler is set to appear before the House Financial Services Committee on the oversight of the SEC on Sept. 27. Notably, the lawmakers who sent the letter are members of that committee.

As of now, the SEC has not given the green light to any spot BTC ETF for listing. Some people had hoped that the commission would change its stance on pending ETF applications after losing to Grayscale in court in August. However, the regulator has delayed making decisions on ETFs.