On the day of the debut of a spot Bitcoin ETF, Democratic U.S. Senator Elizabeth Warren harshly criticized the U.S. Securities and Exchange Commission (SEC) for approving such a product. Warren wrote on social media: "As far as the Bitcoin ETF decision is concerned, the SEC is wrong on both a legal and policy basis. If the SEC is to let cryptocurrencies penetrate deeper into our financial system, it is more urgent than ever for cryptocurrencies to comply with basic anti-money laundering rules."
Warren's response came after the U.S. SEC took a landmark step on Wednesday by approving the listing of 11 spot Bitcoin ETFs. The products generated more than $4 billion in trading volume in their first day of trading on Thursday.
Warren used the occasion to reiterate her stance on stricter regulation of the cryptocurrency industry. Her Digital Asset Anti-Money Laundering Act was reintroduced last October and has since gained support from a bipartisan group of 19 senators. While the bill faces criticism from some in the crypto industry over concerns it will stifle innovation and drive companies away from U.S. soil, it remains a focus of Warren's legislative agenda.
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