Golden Finance reported that at the Senate Banking Committee's nomination hearing on Thursday, Caroline Crenshaw, commissioner of the U.S. Securities and Exchange Commission (SEC), told senators that rampant fraud in the cryptocurrency market led to her reluctance to approve a Bitcoin ETF earlier this year. In January, Crenshaw insisted on opposing these trading products, noting that they were not technically ETFs, but exchange-traded products (ETPs) that operated under different rules. The commissioner said that the agency's approval of Bitcoin (BTC) products would "put us on a wayward path that could further sacrifice investor protection." In weighing whether this is in the public interest, she reiterated on Thursday that she believes she must oppose the move: "Because there is serious fraud and opacity in the global underlying spot market."