Gary Gensler, chair of the U.S. Securities and Exchange Commission, has responded to a letter from lawmakers calling the regulator denying approval of spot exchange-traded funds “unacceptable.”

Gensler wrote to Tom Emmer (Minnesota Representative) a Tuesday note. HintedThe regulatory body wasn’t closer to approuving Bitcoins (BTC) spot ETF in the United States capable of preventing “fraudulent and manipulative acts and practices” by the standards of the Exchange Act. Gensler reiterated his stance of being technology-neutral, but that he would give “careful consideration” to the concerns Emmer raised in November.