Overview

• Two US Senators have expressed concerns to the SEC about the marketing of spot bitcoin ETFs and the potential approval of ether ETFs.
• They highlight a FINRA report indicating that 70% of crypto-related communications to investors may violate disclosure rules.
• The senators argue that the crypto market, especially beyond bitcoin, is too susceptible to fraud and manipulation for further ETP approvals.
• Despite SEC's consideration of ether ETF applications, the senators emphasize the need for strict scrutiny and limited precedential application.
• The debate intensifies as the SEC delays ruling on proposed ether ETFs, with industry observers expecting a decision in May.