Elizabeth Warren Criticizes the SEC as Bitcoin ETFs Make History

• 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.

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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.

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