Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Better Markets, a cryptocurrency-skeptic non-profit, has urged the SEC to reject Bitcoin ETF spot.
ADOPTION NEWS

Better Markets, a cryptocurrency-skeptic non-profit, has urged the SEC to reject Bitcoin ETF spot.

By Crypto FlexsJanuary 7, 20244 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Better Markets, a cryptocurrency-skeptic non-profit, has urged the SEC to reject Bitcoin ETF spot.
Share
Facebook Twitter LinkedIn Pinterest Email

Better Markets, a nonpartisan, non-profit group that lobbies for stricter financial regulation, has written a comment letter urging the Securities and Exchange Commission (SEC) to reject several pending applications for a Bitcoin-traded ETF or exchange-traded fund. submitted. , a product strongly desired by cryptocurrency supporters.

Dennis M. Kelleher, CEO and co-founder of Better Markets, wrote in a letter that the SEC’s approval of a spot Bitcoin ETF would pose a “serious threat” to investors and result in “…speculative, volatile and socially useless” outcomes. claimed that it would result in “We provide financial products to tens of millions of American investors and retirees.”

Kelleher said that if the SEC approves a spot Bitcoin ETF, it would set a dangerous precedent, making it more difficult for the agency to win future legal battles and making it more difficult for the cryptocurrency industry to “see countless retirement savers… diversifying their portfolios into cryptocurrencies.” do.

Kelleher’s complaint

In his letter, Kelleher made several specific arguments against approving a spot Bitcoin ETF. As for the underlying merits of whether the Bitcoin market is mature enough to warrant an ETF, Kelleher rejects that notion, citing the potential for wash trading and the concentration of Bitcoin among minority owners.

“The potential for fraud in the spot Bitcoin market is so great that exchanges’ rules cannot allow the listing and trading of spot Bitcoin ETPs, and there is still a need for exchanges to design their rules to prevent and protect against fraud and manipulation.” It is consistent with the interests of investors and the public interest,” Kelleher wrote.

Kelleher also appears to be arguing that Bitcoin’s volatility itself should disqualify the product from being offered to investors. “Here’s a simple chart that shows how the Bitcoin price can remain stagnant for long periods of time and then experience sharp fluctuations during other periods. Spot Bitcoin ETPs pose risks to the public that are inconsistent with investor protection obligations and the public interest. points out.”

Kelleher also argued that regulated markets are too small to prevent manipulation and that surveillance sharing contracts would do little to curb it, and concluded by calling the potential approval of a spot Bitcoin ETF a “regulatory mistake of historic proportions.” .

What is a better market?

Better Markets, a nonprofit, nonpartisan organization, lobbies for greater financial regulation on Wall Street. The organization was once described by the New York Times as “Occupy Wall Street’s suit-wearing cousin.”

The lobbying firm caught the eye of FTX, which at one point offered to donate $1 million to the organization to support the cryptocurrency company’s application for CFTC approval. Kelleher loudly rejected the donations, calling them “direct quid pro quo” and urged the CFTC to deny the application.

Lobbying firms have been constantly criticizing cryptocurrencies. The new letter is the latest in a series of similar petitions to lawmakers and regulators to stop expanding regulatory acceptance of cryptocurrencies. The organization, which has received endorsements from President Barack Obama, Sen. Elizabeth Warren and current SEC Chairman Gary Gensler, among others, spent a total of $3 million in 2022, according to its annual report.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

In April, Bitcoin (BTC) has soared to set a stage for potential summer profits.

May 9, 2025

AI narrator voices change social media content production

May 9, 2025

IoTA Mainnet rebase: A new era for developers

May 9, 2025
Add A Comment

Comments are closed.

Recent Posts

It is a virtual sky rocket, but 93%of the supply is controlled by whales.

May 9, 2025

Ether Leeum (ETH) soars more than $ 2000. What is the following?

May 9, 2025

In April, Bitcoin (BTC) has soared to set a stage for potential summer profits.

May 9, 2025

Trump’s $ 100k Bitcoin Eye that harasses “major trade transactions”

May 9, 2025

Solana reveals a bold plan to compete with NASDAQ.

May 9, 2025

AI narrator voices change social media content production

May 9, 2025

Penguin rally among the surge in uptbit listing and NFT sales

May 9, 2025

Zerebro Dev is alive and in parent’s house: Report: Report

May 9, 2025

When Bitcoin recipes $ 100,000

May 9, 2025

IoTA Mainnet rebase: A new era for developers

May 9, 2025

Arthur Breitman talks about the strategic evolution of Tezos in the Coinshares interview.

May 9, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

It is a virtual sky rocket, but 93%of the supply is controlled by whales.

May 9, 2025

Ether Leeum (ETH) soars more than $ 2000. What is the following?

May 9, 2025

In April, Bitcoin (BTC) has soared to set a stage for potential summer profits.

May 9, 2025
Most Popular

Maintaining a balanced investment portfolio for long-term stability

December 15, 2024

TBS uses AI Dubbing to globalize KASSO partner with Elevenlabs

April 13, 2025

BYBIT causes confusion in encryption market in the face of $ 1.48B hacking.

February 28, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.