TechFlow reports that two U.S. senators have urged the Securities and Exchange Commission (SEC) to halt approvals of future cryptocurrency ETFs, expressing concerns over the marketing practices of existing spot bitcoin exchange-traded funds (ETFs).
In their letter to the SEC chair, they stated that 70% of communications related to cryptocurrencies exhibit "potential material violations," failing to clearly distinguish between crypto assets offered by the companies themselves and those provided by third parties, while other communications imply that crypto assets function similarly to cash.
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