US Senators Urge Gensler To Halt Crypto ETF Approvals, Citing “Enormous Risks”
Two US senators have known as on the Securities and Alternate Fee (SEC) to halt the approval of any additional crypto exchange-traded funds (ETFs), citing dangers to retail buyers.
“Retail buyers would face huge dangers from ETPs referencing thinly traded cryptocurrencies or cryptocurrencies whose costs are particularly vulnerable to pump-and-dump or different fraudulent schemes,” the senators wrote.
Reed and Butler additionally urged the SEC to not permit the current approval of spot Bitcoin ETFs to grow to be a precedent for additional approvals. They argued that whereas the Bitcoin market is extra established and well-scrutinized, the markets for different cryptocurrencies are extra susceptible to misconduct. The senators additionally known as for elevated oversight of the already launched Bitcoin ETF merchandise, together with regulatory scrutiny of brokers and advisors.
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