SEC Commissioner Caroline Crenshaw Takes a Stand Against Bitcoin Trading Products

Four nominees to the U.S. Securities and Exchange Commission (SEC) were reportedly questioned during a Senate Banking Committee confirmation hearing on Thursday. This included questioning the SEC's Caroline Crenshaw about bitcoin trading products.Crenshaw told senators that she was reluctant to approve bitcoin exchange-traded products earlier this year due to rampant fraud in the crypto market.Crenshaw stood firm in her opposition to these trading products, pointing out that these are not technically ETFs, but rather exchange-traded products (ETPs) that under different rules exchange-traded products (ETPs) that operate under different rules. She said the agency's approval of the Bitcoin (BTC) products would "take us down a path that could further sacrifice investor protections. "Crenshaw reiterated on Thursday that she felt compelled to oppose them in light of the significant fraud and opacity in the spot market globally. She fears that these products will flood the market and directly impact the retirement accounts of U.S. families who can least afford to lose their savings to fraud and manipulation in the spot bitcoin market. Her organization is now in the process of approving trading products for Ether's ethereum (ETH).