The agenda was busy in the USA this week. While many high-level officials spoke at this point, one of them was SEC member Caroline Crenshaw.
Testifying before the Senate Banking Committee, SEC member Crenshaw once again expressed his opposition to spot Bitcoin ETFs.
Crenshaw stated that although the SEC lost the Grayscale case and changed its stance on spot Bitcoin ETFs, it is still against spot BTC ETFs, citing the abundance of fraudulent acts in the crypto markets.
Crenshaw expressed concern that products like BTC ETFs could potentially undermine investor protection.
While the SEC approved spot Bitcoin ETFs in January, SEC Members Hester Peirce and Mark Uyeda voted in favor of approving Bitcoin ETFs, while fellow members Caroline Crenshaw and Jaime Lizárraga voted against BTC ETFs, expressing concerns about investors taking risks without proper oversight. had used it.
SEC Chairman Gary Gensler's vote was decisive in ETF approvals.
Claiming that the decision was erroneous, SEC member Crenshaw wrote the following in the article he published after the approval: “Today, the SEC approved a series of rule change proposals that will allow Bitcoin-based products to be listed and traded on national securities exchanges. However, this decision of the SEC is illegal and extremely wrong. Considering that cryptocurrency markets, especially Bitcoin spot markets, are open to fraud and manipulation and are far from control and supervision, this decision puts investors at risk. “I'm afraid today we're setting ourselves up for tomorrow's failure, and those who will pay the price will be the investors we have a duty to protect.”
*This is not investment advice.