Dennis Kelleher urges SEC to reject spot Bitcoin ETP applications
Dennis M. Kelleher, CEO of Better Markets, has written a letter to the U.S. Securities and Exchange Commission (SEC), calling for the rejection of all applications for spot Bitcoin exchange-traded products (ETPs). He argues that approving these products would expose American investors to fraud and manipulation, leading to significant harm. Kelleher cites a report by Scam Sniffer, which revealed that over 324,000 crypto users were victims of fraud in 2023, resulting in a loss of around $295 million. He believes the crypto industry is rife with fraudulent practices and should not be given legitimacy.
Reactions from the crypto community
The crypto community has largely dismissed Kelleher’s concerns. Bloomberg ETF analyst James Seyffart tweeted that it would be a “criminal move” to reject the applications after the time and effort spent by issuers and SEC staff. Seyffart also pointed out Kelleher’s consistent skepticism towards the crypto industry. FOX News journalist Eleanor Terrett highlighted Kelleher’s past comments about the sector and mentioned Better Markets’ endorsement by Senator Elizabeth Warren, who is critical of the crypto sector. Crypto analysts Matt Ahlborg and LP Capital Chi also countered Kelleher’s claims and raised concerns about potential challenges faced by the Bitcoin ETF proposal.
Anticipation for SEC’s decision on Bitcoin ETFs
The market is eagerly awaiting the SEC’s decision on spot Bitcoin ETFs, with expectations for approval set between Jan. 8 and 10. The decision could have a significant impact on Bitcoin’s future price, with some predicting a drop in value if the proposal is rejected, while others anticipate approval pushing BTC prices as high as $80,000. As of now, Bitcoin is trading at approximately $43,902, showing a modest increase in the previous 24 hours.
Hot Take: SEC’s decision on Bitcoin ETFs could shape the market
The upcoming decision by the SEC regarding spot Bitcoin ETFs has garnered significant attention and speculation within the crypto community. Dennis Kelleher’s call to reject these applications due to concerns of fraud and manipulation has been met with skepticism by industry figures. The decision is expected to have a profound impact on Bitcoin’s price, with potential drops or surges depending on the outcome. As investors eagerly await the SEC’s ruling, the future of Bitcoin and its legitimacy as an investment vehicle hang in the balance.
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