Senator Elizabeth Warren Says SEC Is Wrong for Approving Spot Bitcoin ETFs

U.S. Senator Elizabeth Warren has slammed the U.S. Securities and Exchange Commission (SEC) for approving spot bitcoin exchange-traded funds (ETFs). She harassed that the securities regulator is “wrong on the law and wrong on the policy with respect to the bitcoin ETF decision.”

Senator Elizabeth Warren Unhappy With SEC’s Spot Bitcoin ETF Approvals

The U.S. Securities and Exchange Commission (SEC)’s latest approval of 11 spot bitcoin exchange-traded funds (ETFs) drew quick criticism from U.S. Senator Elizabeth Warren (D-MA), who has lengthy been a vocal skeptic of bitcoin and different cryptocurrencies. The senator wrote on social media platform X Thursday:

The SEC is flawed on the regulation and flawed on the coverage with respect to the bitcoin ETF resolution.

“If the SEC is going to let crypto burrow even deeper into our financial system, then it’s more urgent than ever that crypto follow basic anti-money laundering rules,” she harassed.

Several “community notes” have been positioned on Warren’s tweet. “There are already robust laws to prevent crypto money laundering. U.S. agencies, such as FinCEN, SEC, [and] CFTC, enforce anti-money laundering (AML) compliance, sanctions adherence, and the txn monitoring. States like New York (Bitlicense) also contribute to AML efforts.” Another neighborhood notice states: “The SEC acted in accordance to new ‘circumstances’ brought up by the Judge in Grayscale Investments, LLC v. SEC. This is admitted by SEC Chair Gary Gensler.”

Warren is a vocal critic of cryptocurrency. In October final 12 months, the senator and over 100 legislators penned a bipartisan notice to Biden administration officers, elevating considerations over Hamas evading U.S. sanctions and securing tens of millions via crypto belongings.

The Massachusetts senator has introduced the Digital Asset Anti-Money Laundering Act to “shut loopholes in present regulation and convey cryptocurrency corporations into higher compliance with the anti-money laundering and countering the financing of terrorism (AMF/CFT) frameworks that govern a lot of the monetary system.” Noting that Warren’s invoice is successfully “a crypto ban,” the Chamber of Digital Commerce has arrange a petition to cease the proposal.

Moreover, regardless of their shared skepticism in the direction of crypto, Senator Warren and JPMorgan CEO Jamie Dimon discover themselves on reverse sides of the spot bitcoin ETF debate. While Dimon has insisted that bitcoin has no value and its major use instances are illicit actions, JPMorgan is serving as a lead authorized participant for Blackrock’s spot bitcoin ETF.

What do you consider the statements by Senator Elizabeth Warren about spot bitcoin ETF approvals? Let us know within the feedback part under.