Elizabeth Warren Criticizes SEC’s Approval of Bitcoin ETFs
U.S. Senator Elizabeth Warren (D-MA) has expressed her disapproval of the Securities and Exchange Commission’s (SEC) decision to approve multiple spot Bitcoin ETFs. In a tweet, Warren stated that the regulator was wrong on the law and policy regarding the approval of these ETFs from asset managers like BlackRock, Grayscale, and Ark Invest. She emphasized the need for crypto to adhere to anti-money laundering rules if it is going to become more integrated into the financial system.
SEC Chair Responds to Criticism
In response to Warren’s criticism, SEC Chair Gary Gensler defended the decision, stating that the Commission acts within the law and how it is interpreted by the courts. He noted that circumstances had changed after a court order compelled the SEC to review Grayscale’s application for a spot Bitcoin ETF.
Warren’s Stance on Crypto
Elizabeth Warren has consistently been critical of cryptocurrency and its association with money laundering and terrorist financing. She has linked crypto to groups like Hamas and Islamic Jihad, claiming they have raised significant funds through digital assets. However, these claims have been disputed by blockchain analytics firm Elliptic. Warren has called for updates to the Bank Secrecy Act and is sponsoring a bill that would expand KYC requirements for blockchain infrastructure providers. This bill has faced criticism from crypto advocacy groups.
Hot Take: Elizabeth Warren’s Ongoing Battle Against Crypto
U.S. Senator Elizabeth Warren continues her crusade against cryptocurrency by criticizing the SEC’s approval of Bitcoin ETFs. While Warren argues that crypto needs to comply with anti-money laundering rules, others believe her stance is too harsh. Regardless, her efforts reflect a broader debate around the regulation and integration of digital assets into the traditional financial system. As the crypto industry continues to evolve, it will be interesting to see how lawmakers like Warren navigate the challenges and opportunities presented by this emerging technology.
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