Bitcoin ETF approval would be a ‘historic mistake,’ says Better Markets CEO

Bloomberg ETF analyst James Seyffart disagreed with the letter, arguing that denying the spot Bitcoin ETF would be a “criminal move.”

Dennis Kelleher, CEO of the nonprofit organization Better Markets, has urged the United States Securities and Exchange Commission (SEC) not to approve a spot Bitcoin 

$BTC $43,984

 exchange-traded fund (ETF), arguing that it goes against the core principles of the regulatory body.

In a letter addressed to SEC secretary Vanessa Countryman on Jan. 5, Kelleher emphasized that if the SEC were to approve a spot Bitcoin ETF, it could lead to investors facing significant risks:

“We submit this supplemental comment letter (which Better Markets very rarely does) because it would be a grave if not historic mistake almost certainly leading to a massive investor harm if the SEC approves the pending rule change.”