⚠️🔴 Head of Better Markets Calls on SEC to Reject Spot Bitcoin ETF Applications
Dennis Kelleher, the CEO of the non-profit organization Better Markets, has urged the U.S. Securities and Exchange Commission (SEC) to reject applications for launching spot Bitcoin ETFs. This marks another instance where Better Markets has called on the SEC to deny Bitcoin ETF applications.
The organization claims that the introduction of this instrument will lead to significant losses for investors. According to Kelleher, approving the instrument "would be a serious, if not historic, mistake that almost certainly will result in massive harm to investors."
"The mass and unabated fraud and market manipulation in the Bitcoin market mean that approving these products will expose investors to the very harm the SEC is supposed to prevent," he stated.
However, members of the crypto community, including Bloomberg ETF analyst James Seyffart, have expressed disagreement with Kelleher's letter. Seyffart predicts that the SEC might approve all 11 submitted applications for Bitcoin ETFs as early as next week.
As the market anticipates potential approvals, candidates for launching the instrument remain active. Potential issuers like Hashdex, Bitwise, and others have initiated advertising campaigns to promote their ETFs.
Similarly, asset management firm VanEck has focused on attracting crypto enthusiasts. The company recently donated $10,000 to Bitcoin Core developers and committed to contributing 5% of its ETF profits to them.
"We at VanEck are not Bitcoin tourists. We're in this for the long haul... [Bitcoin Core developers] tirelessly pursue decentralization and innovation – it's the cornerstone of the ecosystem, and we're here to support it," stated VanEck.
The crypto community has viewed this commitment as a positive gesture from VanEck, considering its previous demonstration of support with the HODL ticker for ETF.
