Senator Elizabeth Warren Chastises SEC for Approving Bitcoin ETF Launch

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Senator Elizabeth Warren Chastises SEC for Approving Bitcoin ETF Launch
  • Senator Warren disagrees with the SEC’s Bitcoin ETF approval, stating that they went wrong with the law.
  • Tyler Winklevoss criticized her, saying that the SEC was wrong when they rejected Grayscale’s ETF application.
  • James Seyffart responded to the senator’s comments, reflecting on the DC Court of Appeals’ previous ruling against the SEC.

The recent approval of the spot Bitcoin ETF launch by the U.S. Securities and Exchange Commission (SEC) has created ripples in the crypto ecosystem. While many leading figures support the SEC’s decision on Bitcoin ETFs, some prominent personalities, like Senator Elizabeth Warren, vehemently criticize it.

Senator Warren, who is often chastised for her open objection to virtual currencies, shared her clear opposition to the SEC’s crucial decision on the launch of Bitcoin ETFs. Immediately following the ETF approval, Senator Warren commented, “There’s no doubt that the SEC made the wrong decision here.”

The senator’s comments extended deeper, saying, “The SEC is wrong on the law and wrong on the policy with respect to the Bitcoin ETF decision.” She added that an urgent revision to the anti-money laundering rules is necessary to strengthen the law.

In light of the U.S. Court of Appeals for the District of Columbia’s disagreement with the SEC’s stance against ETFs, Senator Warren’s fierce words met with strong criticism from the industry’s major figures. James Seyffart, the Senior ETF Analyst at Bloomberg, responded to the senator’s tweet, reflecting on the Court’s disapproval of the SEC’s anti-crypto stance.

Adam Cochran, a prominent voice in the blockchain space, contradicted that the SEC did not get the law wrong. He reinforced his argument, stating that the SEC cannot decide the law. He further stressed that the SEC is merely a “rulemaking organization” that provides guidance and interpretations of the law. Adding that the SEC can neither decide nor set rules, Cochran cited, “The binding interpretation of law in this country is, and always shall be, with the judiciary.”

Another voice that came against the senator’s statements was the Co-Founder of the crypto exchange Gemini, Tyler Winklevoss. He said, “You’re absolutely right that the SEC was wrong on the law, and that’s why the judiciary set them straight and left them with no choice but to approve Bitcoin ETFs.”

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