Two senators wrote to the U.S. SEC: calling on the U.S. SEC not to approve other cryptocurrency ETFs

US Senators Sen Jack Reed from Rhode Island and Senator Laphonza Butler from California jointly wrote to Gary Gensler, the Chairman of the US SEC, requesting the agency's intervention to ensure that broker-dealers provide appropriate disclosure to investors regarding BTC ETFs. In addition, Sen Jack Reed also urged the US SEC not to approve other cryptocurrency ETFs. The letter explained that although the Bitcoin market has shown some weaknesses, it is more mature and subject to stricter scrutiny than other cryptocurrencies. Regardless of how susceptible Bitcoin is to fraud and manipulation, other cryptocurrencies are much more affected by improper behavior, and the trading volume or credibility of other cryptocurrencies is insufficient to support the relevant ETFs.