Early in January, the crypto market celebrated the US Securities and Exchange Commission’s approval of the country’s first spot bitcoin exchange traded fund. Many called this a “watershed” moment for digital assets and predicted the move would encourage more retail and institutional investors into the market.
However, SEC commissioner Caroline A. Crenshaw has warned that, in fact, exchange traded products — and not ETFs — were approved in the US. ETPs do not offer investors the same level of investor protection as ETFs. This distinction led Crenshaw to issue a blistering statement on the decision on the same day the approval was announced.
