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For the 9th straight day (and 15th of the last 16), Bitcoin ETFs saw net inflows yesterday…

Source: Bloomberg

…lifting the total net inflow of assets to $12BN in 44 trading days…

Source: Bloomberg

The unprecedented success of these new investment vehicles in democratizing access to an alternative currency (away from the manipulative money-printing largesse of bigger and bigger government) is apparently pissing Democrats off.

And so, having seen Senator Warren fail in her constant pressure efforts to stop SEC Chair Gary Gensler approving Bitcoiin ETFs, two Democrat Senators are urging the SEC to block any further crypto exchange-traded products (ETPs) to protect retail investors from risks associated with poor broker disclosure and thin liquidity in major cryptocurrencies.

As CoinDesk reports, Sen. Jack Reed (D-R.I.) and Sen. Laphonza Butler (D-CA) write that a FINRA survey disclosed that 70% of brokers’ communications with retail investors violated fair disclosure rules.

The Senators also argue that by naming bitcoin exchange-traded funds as such, the name “obfuscates important characteristics about these investments.”

The two lawmakers also say that bitcoin (BTC) – which they call the most established and scrutinized cryptocurrency – is displaying weakness, and other cryptos are far more susceptible to misconduct.

WTF are you talking about! BTC ETF volumes have been enormous…

Full letter to Gensler below:

Fox Business' Eleanor Terrett posted on X last night that optimism about the SEC approving the Ether spot ETFs by May 23rd is waning.

Ether has dropped on the news overnight…

As one might expect, the crypto industry is not taking this bullshit political move laying down and Coinbase chief legal officer Paul Grewal has slammed thr letter

Grewal explained that the market for many cryptocurrencies smaller than Bitcoin, notably Ether, demonstrated quality metrics that “exceed even the largest traded equities.”

Grewal added there was direct evidence that Ether’s futures and spot markets were just as correlated as Bitcoin’s.

One final question – why are Democrats not demanding the SEC block all current and future levered-NVDA-ETFs?

…and other "enormous risk" assets…

The loss of control over Americans' sovereignty is clearly what is irking the central-controllers-who-know-best at the heart of the Democratic Party.

So when November comes around, it's clear who the party of crypto is… and is not.

There are currently eight proposed spot Ether ETF applications awaiting approval by the SEC, and there have been hopes that other altcoins could eventually tread a similar path.