US SEC Approval Enables Mass Marketing of Worthless Bitcoin ETFs, Says Nonprofit
Better Markets, a nonprofit organization focused on promoting public interest in financial markets, has criticized the US Securities and Exchange Commission (SEC) for approving spot bitcoin exchange-traded funds (ETFs). The organization argues that this decision allows for the mass marketing of a fraudulent and volatile financial product to Main Street Americans. According to Better Markets, the SEC’s approval is not supported by the law and does not protect crypto investors. The organization also disputes claims that a court ruling in favor of Grayscale forced the SEC’s hand, pointing out that the court simply stated that the SEC failed to justify its rejection of Grayscale’s ETF application.
SEC Defeat Does Not Mandate ETF Approval, Says Better Markets
Better Markets refutes the idea that the SEC had to approve the ETFs due to its loss in the Grayscale case. The organization argues that the SEC could have rejected the applications and provided a more detailed explanation. It claims that a significant portion of bitcoin trading is tied to wash trades, and the SEC should have used this information to support its rejection. Better Markets asserts that bitcoin and cryptocurrencies are worthless financial products favored by speculators, gamblers, and criminals. The organization also criticizes the lack of effective regulation in the crypto industry and condemns Rostin Behnam, the chairman of the CFTC, for being biased towards cryptocurrencies.
Hot Take: Nonprofit Claims SEC Approval of Bitcoin ETFs Endorses Fraudulence
Better Markets, a nonprofit organization, has expressed its disappointment with the SEC’s approval of spot bitcoin ETFs. The organization argues that this decision enables the mass marketing of a worthless and fraudulent financial product to everyday investors. Better Markets disputes the notion that the SEC was forced to approve the ETFs due to a court ruling in favor of Grayscale. It suggests that the SEC could have rejected the applications based on the prevalence of wash trades in bitcoin trading. The organization also criticizes the overall regulation of the crypto industry and accuses the chairman of the CFTC of bias towards cryptocurrencies.
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