Better Markets Calls for SEC Rejection of Spot Bitcoin ETFs
Financial watchdog group Better Markets has urged the U.S. Securities and Exchange Commission (SEC) to reject spot bitcoin exchange-traded funds (ETFs), citing potential harm to investors. The organization, which features a testimonial from U.S. Senator Elizabeth Warren, emphasized that the SEC should not contribute to the negative consequences that would follow the approval of these products.
Filing Letter with SEC
Better Markets submitted a supplemental comment letter to the SEC, outlining its reasons for opposing spot bitcoin exchange-traded products, including ETFs proposed by Blackrock, Vaneck, Ark Invest, Invesco, and Wisdomtree. The organization stressed that the approval of these products would be a serious mistake, exposing investors to fraud and manipulation prevalent in the bitcoin market.
“Facilitating Financial Carnage”
Better Markets emphasized that approving spot bitcoin ETPs would contribute to financial carnage and increase risks for American investors. The organization warned against allowing the crypto industry to repackage and legitimize a financial product that it considers worthless and akin to gambling. It argued that denying the proposed rule changes aligns with legal requirements.
Connection with Elizabeth Warren and Gary Gensler
Better Markets featured a testimonial from Senator Elizabeth Warren on its website. The organization’s CEO, Dennis Kelleher, and SEC Chairman Gary Gensler have a documented connection, having served together on the Biden presidential transition team. Kelleher has been openly critical of cryptocurrencies, positioning them as fraud and lacking any legitimate societal purpose.
Reception and Concerns
While some members of the crypto community were unconvinced by Better Markets’ arguments, others expressed concerns about Gensler potentially seeking ways to reject spot bitcoin ETF applications.
Hot Take: Better Markets Calls for SEC Rejection of Spot Bitcoin ETFs
Better Markets, a financial watchdog group, has urged the SEC to reject spot bitcoin exchange-traded funds, warning of potential harm to investors. The organization argues that such ETFs would expose investors to fraud and manipulation in the bitcoin market. It emphasizes the need for the SEC to prevent financial carnage and states that approving these products would facilitate the dissemination of a socially worthless gambling chip. Better Markets’ connection to Senator Elizabeth Warren and SEC Chairman Gary Gensler has drawn attention, with concerns raised about Gensler’s stance on spot bitcoin ETFs. The reception to Better Markets’ arguments within the crypto community is mixed.
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