- Senator Elizabeth Warren voices concerns about SEC’s approval without proper regulations.
- Spot Bitcoin ETFs surpass $4 billion in historic first-day trades.
- Top performers BlackRock and Fidelity take the lead, with Hashdex in the rear.
US Senator Elizabeth Warren (D-MA) criticized the Securities and Exchange Commission (SEC) for approving Bitcoin spot ETFs without ensuring compliance with basic anti-money laundering regulations. Specifically, Warren expressed concern about cryptos delving deeper into the financial system without adhering to fundamental anti-money laundering rules.
Read CRYPTONEWSLAND on
google news
Warren’s stance has previously been met with opposition from investors, and Senator Thom Tillis (R-NC) rejected her proposed anti-money laundering digital asset law. In December 2023, Warren wrote a letter to the United States Blockchain Association, voicing her concerns about lobbying by the crypto community.
Amid this reaction, Spot Bitcoin exchange-traded funds (ETFs) have made a roaring entrance into the market, recording a staggering trading volume exceeding $4 billion on their inaugural day.
Bloomberg Intelligence’s ETF analyst, James Seyffart, reported that BTC spot ETF trading volume surged past $4.6 billion on the first day of trading, with Grayscale Bitcoin Trust contributing over half of the total volume at more than $2.3 billion.
Seyffart noted, “It is easy to argue that much of this volume is due to sales of GBTC and purchases of other ETFs.” Grayscale’s BTC Spot ETF has undergone a conversion from its previous product.
Excluding Grayscale, BlackRock’s iShares BTC Trust secured the top spot with a trading volume of $1 billion, followed by Fidelity’s Fidelity Wise Origin BTC Fund at $700 million.
On the flip side, Hashdex’s Bitcoin ETF reported the lowest first-day trading volume, falling below $10 million. Notably, Hashdex clarified that their Spot Bitcoin ETF (DEFI) is currently a pure futures product, lacking any spot Bitcoin holdings. The company plans to alter its name and investment strategy to incorporate spot BTC in its portfolio.
Read Also
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
