Two U.S. Senators Call on SEC Not to Approval of Other Cryptocurrency ETFs

According to a post on social media by Fox reporter Eleanor Terrett, US Senator Jack Reed from Rhode Island and Senator Laphonza Butler from California jointly wrote to Gary Gensler, 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, Senator Jack Reed 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 vulnerable Bitcoin may be to fraud and manipulation, other cryptocurrencies are much more susceptible to improper behavior, and the trading volume or credibility of other cryptocurrencies is insufficient to support related ETFs.