Better Markets CEO Warns Against Approval of Bitcoin ETFs
Dennis M. Kelleher, CEO of Better Markets, strongly opposes the approval of Spot Bitcoin Exchange-traded Funds (ETFs). He asserts that approving these ETFs would be a grave mistake and could lead to significant harm for investors. Kelleher’s main concern is the potential for fraud and manipulation in the Bitcoin market.
He argues that if Spot Bitcoin ETFs are approved, it would expose millions of investors to the risks that the SEC is supposed to prevent. Additionally, Kelleher worries that the crypto industry might take advantage of this approval to appear legitimate and deceive retail investors through misleading marketing tactics.
Kelleher believes that denying the proposed rule changes is not just a suggestion but a legal obligation. He emphasizes that exchange rules must be designed to prevent fraudulent and manipulative acts, and allowing Spot Bitcoin ETFs would violate these legal requirements.
Criticism from the Crypto Community
The crypto community has not reacted well to Better Markets’ opposition. Eleanor Terrett, a FOX News journalist, responded to Better Markets’ letter by pointing out their ties with Senator Elizabeth Warren, who has expressed anti-crypto sentiments. This led to several comments criticizing Senator Warren and Kelleher.
Matt Ahlborg, a researcher studying crypto usage, disagreed with Better Markets’ claims and stated that crypto is not socially useless. He also suggested that Better Markets’ letter could impact the Bitcoin ETF proposal negatively. Another crypto analyst on X criticized Better Markets for an incorrect date mentioned in their letter.
The decision on Bitcoin ETFs is expected to be announced between January 8 and January 10. The SEC has requested final amendments from exchanges and issuers before making a decision.
Hot Take: The Debate Over Bitcoin ETFs Continues
The debate over the approval of Spot Bitcoin ETFs remains intense. While Better Markets CEO Dennis Kelleher strongly opposes their approval due to concerns of fraud and manipulation, critics from the crypto community argue that the organization’s claims are unfounded.
As the SEC prepares to make a decision, market participants eagerly await the outcome. The potential approval of Bitcoin ETFs could have significant implications for the crypto industry and investors. Only time will tell how this debate unfolds and what impact it will have on the future of cryptocurrency investments.
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