Better Markets Opposes Approval of Bitcoin ETFs
A non-profit organization called Better Markets has strongly criticized the recent approval of spot Bitcoin ETFs by the Securities and Exchange Commission (SEC). The organization’s CEO, Dennis Kelleher, stated that the SEC’s decision will not change anything about the “worthless financial product” of Bitcoin and crypto. Kelleher argued that the spot Bitcoin market is unregulated and that the ETFs will be pricing an unregulated asset. He also claimed that Bitcoin and crypto have no legitimate use and are associated with fraud, manipulation, and criminality.
Concerns from Other Critics
SEC Commissioner Caroline Crenshaw also expressed her opposition to the approval of Bitcoin ETFs. She believes that these products could flood the markets and pose a risk to the retirement savings of US households. It remains to be seen how the SEC’s decision will impact other countries’ plans for launching crypto ETFs.
South Korea Maintains Crypto ETF Prohibition
In South Korea, the Financial Services Commission has stated that it will continue to prohibit financial institutions from releasing crypto ETFs. The Commission cited concerns about financial market stability and unclear investor protections as reasons for maintaining this policy.
Hot Take: Better Markets Criticizes Approval of Bitcoin ETFs
Better Markets, a non-profit organization advocating for financial reform, has strongly criticized the SEC’s approval of spot Bitcoin ETFs. The organization argues that Bitcoin and crypto have no legitimate use and are associated with fraud and criminality. They believe that the SEC’s decision will harm investors, markets, and financial stability. These concerns are shared by other critics, including SEC Commissioner Caroline Crenshaw. It remains to be seen how this approval will impact other countries’ plans for launching crypto ETFs. South Korea, for example, will maintain its prohibition on crypto ETFs due to concerns about market stability and investor protections.
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