This SEC Member Opposed the Spot Bitcoin ETF Decision! Here are the reasons

It is one of the historical days for BTC and cryptocurrencies with the SEC’s approval of spot Bitcoin ETFs.

Although the SEC made the approval decision, Caroline Crenshaw, one of the four members of the SEC, said that she had a dissenting opinion on the ETF approval decision.

Claiming that the decision was wrong, SEC member Crenshaw wrote the following in his article:

“Today, the SEC approved a set of proposed rule changes that would allow Bitcoin-based products to be listed and traded on national securities exchanges.

However, this decision of the SEC is illegal and extremely wrong.

Worse, the SEC has led us down a wrong path that could further compromise investor protection.

I cannot accept that these actions serve our legal or fundamental investor protection mandates, and I therefore oppose today’s consent order.

Considering that cryptocurrency markets, especially Bitcoin spot markets, are open to fraud and manipulation and are far from control and supervision, this decision puts investors at risk.

“I’m afraid today we’re setting ourselves up for tomorrow’s failure, and those who will pay the price will be the investors we have a duty to protect.”

The SEC member also stated that Bitcoin futures ETFs and spot Bitcoin ETFs are very different from each other, and that investor protection for spot Bitcoin ETFs is almost non-existent.

Chinese cryptocurrency journalist Wu Blockchain also shared a post on this subject and shed light on how the SEC made its decision.

Accordingly, the opinions of the SEC Chairman and three members who voted on the approval decision were as follows:

“SEC Chairman Gary Gensler supported approval because of my court’s Grayscale decision.

Hester Peirce is already a long-time Bitcoin and cryptocurrency supporter and supported the approval.

Caroline Crenshaw has anti-cryptocurrency views and opposed the approval.

“Mark Uyeda, like Peirce, is a cryptocurrency supporter and supported the approval decision.”

The voting SEC Chairman and three commissioners expressed their views
– Gensler supported due to the earlier Grayscale court decision
– Peirce, a long-time supporter of cryptocurrency
– Crenshaw opposed, retirement accounts would be damaged
– Uyeda support the approval order,… pic.twitter.com/rAUtlZ1qgf

— Wu Blockchain (@WuBlockchain) January 10, 2024

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