Summary
Senator Elizabeth Warren criticized the US Securities and Exchange Commission (SEC) for approving 11 new spot bitcoin exchange-traded funds (ETFs). She expressed her dissent, stating that the SEC is wrong on the law and policy regarding the decision. Warren used the opportunity to emphasize the need for basic anti-money laundering rules in the crypto industry. Her Digital Asset Anti-Money Laundering Act has gained support from 19 Senators, including two Republicans. Some Republican lawmakers praised the SEC’s decision, highlighting the improved access to the crypto industry. Chair Gary Gensler, a historic crypto skeptic, voted in favor of approving the bitcoin ETFs based on legal constraints rather than personal acceptance. He acknowledged bitcoin’s volatility, speculation, and use in illicit financial activities.
Key Points
1. Senator Elizabeth Warren criticized the US Securities and Exchange Commission’s decision to approve 11 new spot bitcoin ETFs, stating that they are wrong on the law and policy regarding bitcoin ETFs.
2. Warren used the SEC’s decision as an opportunity to emphasize the need for the crypto industry to follow basic anti-money laundering rules.
3. Despite Warren’s dissent, several Republican lawmakers praised the SEC for approving the ETFs, stating that it provides greater access to digital assets and represents an improvement in the SEC’s approach to regulation.