If we're talking about protecting nature, a huge chunk of nature is not vertebrates. Think insects, crustaceans, mollusks, etc. If we're talking about protecting the environment, we need to protect all of it. Vertebrates make up a very small part of it. We want to ensure, whether it's a genetically modified crab, shrimp or mussel, that it gets the extra scrutiny that's necessary.
Yes, there are some problems with it.