- Sen. Elizabeth Warren and other Democrats criticized the SEC’s approval of spot bitcoin ETFs, arguing that crypto should be subject to anti-money laundering laws first.
- Some crypto-friendly lawmakers like Sens. Lummis and Gillibrand supported the ETF approvals but still argue that legislation is needed to provide regulatory clarity.
- The reactions highlight an ongoing debate around crypto regulation – some welcome mainstream adoption but others want stricter rules first before ETF approval.
The Securities and Exchange Commission’s recent approval of spot bitcoin exchange-traded funds has drawn both praise and criticism. While some see it as a milestone for mainstream adoption, others argue more regulation is needed first.
Warren and Other Democrats Call for Stricter Rules
Sen. Elizabeth Warren slammed the SEC’s decision, saying crypto should be subject to anti-money laundering laws before being allowed in ETFs. She and other Democratic senators have pushed bills to extend regulations like the Bank Secrecy Act to crypto.
Crypto-Friendly Lawmakers Support ETFs While Still Wanting Regulation
Some crypto-friendly lawmakers like Sens. Cynthia Lummis and Kirsten Gillibrand have cheered the SEC’s spot bitcoin ETF approvals. But they argue legislation is still needed to provide regulatory clarity. House Financial Services Committee Chair Patrick McHenry shared a similar view.
Conclusion
The polarizing reactions to the SEC’s spot bitcoin ETF approvals highlight the ongoing debate around crypto regulation. While increased access and mainstream adoption are welcomed by some, others want to see stricter rules in place first. The path forward remains complex.
