On Wednesday evening the time had come: The US Securities and Exchange Commission (SEC) approved a large number of spot ETFs for Bitcoin (BTC). This makes it much easier, especially for large investors, to invest in the largest cryptocurrency. And that is what happens, considering the significant volumes. However, some American politicians are not satisfied with the introduction, including Elizabeth Warren.
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US politicians are critical of crypto
Warren expressed strong criticism on the social media platform X on Thursday. “The SEC does not have a clear legal opinion and has the wrong policy regarding the decision (to approve the Bitcoin spot ETFs). If the SEC allows crypto to penetrate even deeper into our financial system, then it is more important than ever that (the crypto industry) implements concerted action to combat money laundering.”
The @SECgov is legally and politically wrong regarding the Bitcoin ETF decision.
If the SEC allows cryptocurrencies to penetrate even deeper into our financial system, it will be more urgent than ever that cryptocurrencies comply with basic anti-money laundering rules.
– Elizabeth Warren (@SenWarren) January 11, 2024
Elizabeth Warren is not only a senator from the state of Massachusetts, she is also a board member of the Senate Banking Committee. This administrative body ensures that banks comply with the law. Banks must adhere to strict rules regarding money laundering and financial stability.
It is therefore no surprise that the senator has been calling for stricter rules for the crypto sector for some time. She and several colleagues declared in December that crypto represented an existential threat to the entire American financial system. A short time later, five new senators joined this office.
The Kansas state senator also dropped in December that one of the extremely strict crypto bills was Warren's idea. She is said to have drafted the bill together with the American Banking Association, the banking sector's largest lobbying group.
There are still politicians who support cryptocurrencies
However, there are still supporters of cryptocurrency in American politics. For example, pro-Bitcoin Senator Cynthia Lummis called for approval of the exchange funds a on Wednesday historic day for crypto. Financial Services Committee Chairman Patrick McHenry was also present very positive.
At the same time, other countries are also working intensively on constructive rules for the crypto industry. For example, Turkey is in the process of taking over the sector, while Turkish leader Erdogan recently came out strongly against cryptocurrencies.
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