Fri, 12/01/2024 – 14:12
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Junior son of the legendary Beatles’ John Lennon, Sean Ono Lennon, known for his support for Bitcoin and cryptocurrencies has published a tweet, in which he talks about the recent approval of spot Bitcoin ETFs, praises Twitter-based Community Notes service and takes a jab at the vocal crypto opponent Senator Elizabeth Warren.
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The politician criticized the recent decision of the Securities and Exchange Commission of the US and its chairman Gary Gensler to give the green light to elven spot-based Bitcoin ETF filings. However, the Community Notes corrected her tweet, offering arguments backed by mainstream media.
Pro-crypto Sean Lennon praises Community Notes
Earlier today, Senator Warren tweeted that she believes the positive decision on spot Bitcoin ETFs made by the SEC to be “wrong on the law and wrong on the policy.” She stated that should the SEC want cryptocurrencies to go deeper into the current financial system than it is now already, then, she believes, it is even more urgent that crypto companies and users start following basic rules for anti-money laundering.
The Community Notes commented, stating that strong laws which help to prevent money laundering exist already. They mentioned US-based financial agencies, such as FinCEN, CFTC, SEC and their enforcement of various AML measures “compliance, sanctions adherence, and the txn monitoring.” The Community Notes also published a link to an article published by Reuters to support its counterarguments.
Sean Ono Lennon retweeted that, adding “Community Notes for the win!”
Bitcoin remains down despite ETF approval
Despite the spot-based Bitcoin exchange-traded funds applications’ approval earlier this week, the price of the world’s flagship cryptocurrency remains in the red. After a nearly 7% surge on Thursday, when Bitcoin managed to break above the $49,000 level briefly, a correction followed, taking BTC 6.49% down to hit a low. At the time of this writing, digital gold is exchanging hands at $45,855.
Many traders have started selling their BTC after it reached a local peak to lock in their profits, some are also exchanging Bitcoin for fiat to enter the newly launched spot Bitcoin ETFs.
However, during the first day, all the multiple Bitcoin ETFs saw only a $400 million inflow, while the issuers expected much bigger numbers.
