Elizabeth Warren Slams SEC Ruling on Bitcoin ETFs

January 14, 2024 11:40 UTC+1
| 4 min read

The approval of Bitcoin Spot ETFs by the SEC on Wednesday has not stopped talking. The reactions are multiplying, good and bad. Among the latter, we can note the wrath expressed over X by Democratic US Senator Elizabeth Warren. In addition to sharply criticizing the SEC’s decision, she calls for urgent application of anti-money laundering rules to crypto. Explanations.

Elizabeth Warren confirms her anti-crypto positions

The Senate Banking Committee member, who has already distinguished herself with her anti-crypto stances, criticized the agency’s decision to approve 11 Bitcoin spot ETFs in a post on Thursday on X.”The SEC is wrong on the law and policy regarding Bitcoin ETFs“, she declared in particular. “If the SEC wants to let crypto bury itself even deeper into our financial system, then it is more urgent than ever that it follows the basic rules in the fight against money laundering.”

For Warren, the problem lies in the fight against money laundering. As a reminder, she did pressure in 2023 to advance its anti-money laundering law on digital assets, obtaining in the process the support of 19 other senators, mainly from the same party as his. THE project in question aims to extend the requirements of the banking secrecy lawincluding know-your-customer rules, to miners, validators and wallet providers.

Unsurprisingly, industry leaders were quick to respond to Warren’s scathing comments. Leaders like SkyBridge Capital CEO Anthony Scaramucci, who questioned the motivations behind the senator’s position, saying: “Who owns it? It has not come into possession, but is now bought and paid for. Who is it?”. Tyler Winklevoss for his part was ironic by declaring that yes the SEC was wrong, but for not having made this decision sooner.

The political map of support for crypto drawn

While lawmakers are still scrambling over crypto legislation in Uncle Sam’s country, some of them were more favorable to the SEC’s decision. Like Senator Cynthia Lummis, who welcomed the SEC’s decision while also calling for legislation. “This will provide millions of Americans with easier access to crypto assets and allow them to benefit from professional managers and more competitive fees” she said Wednesday.

The Chairman of the House Financial Services Committee, Patrick McHenry, took the same position in a message published on X on the day of approval. “While legislation to provide clarity and certainty to digital assets remains necessary, today’s actions are a significant improvement over the SEC’s experience with regulation by enforcement.”

If we were to map the reaction of American political figures, we see that the protests come mainly from the Democratic Party. Conversely, members of the Republican Party are largely happy with the decision of the American financial policeman.

Sources: Decrypt, Todaynftnews

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Disclaimer: This article does not constitute investment advice. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.

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