Published on March 15, 2024 15:33 GMT+00:00edited on March 15, 2024 15:34 GMT+00:00

Two Democratic U.S. senators urged Securities and Exchange Commission Chair Gary Gensler not to go any further in approving future crypto products following its approval of spot bitcoin exchange-traded funds earlier this year. 

Sens. Laphonza Butler of California and Jack Reed of Rhode Island said the SEC should limit future crypto ETF applications and that other cryptocurrencies do not "show the trading volumes or integrity to support associated ETPs." Both senators are also members of the Senate Banking Committee, which has jurisdiction over securities and financial markets. 

"Retail investors would face enormous risks from ETPs referencing thinly traded cryptocurrencies or cryptocurrencies whose prices are especially susceptible to pump-and-dump or other fraudulent …