Better Markets, a US-based non-profit organization, sent a letter to the Securities and Exchange Commission (SEC) stating that it opposes the approval of Bitcoin Spot ETFs.
Grayscale argues that the court decision should not force the SEC to deviate from its previous decision not to approve multiple spot Bitcoin-based ETFs.
In a rare move, Better Markets filed a supplemental comment letter, arguing that the SEC approving the pending rule change would be a major, if not historic, mistake and would result in major investor losses. According to the organization, approval of these spot Bitcoin ETFs will expose investors to a market completely contaminated with fraud and manipulation.
Bloomberg analyst James Seyffart commented on the situation, stating that given the time, effort and energy expended by all these applicants and SEC staff over the past few months, a denial would certainly be a criminal act.
FOX Business cryptocurrency journalist Eleanor Terrett noted that this last-minute comment letter from Better Markets could potentially impact SEC approval of a Bitcoin Spot ETF. He brought up the close relationship between SEC Chairman Gary Gensler and Better Markets President and CEO Dennis Kelleher. Both served together on Biden's presidential transition team, and Kelleher is known for his dislike of crypto.
Kelleher has previously commented on Gensler, the SEC, and the crypto industry, stating that the crypto industry has no legitimate or socially beneficial purpose and has a fundamentally predatory business model.
Kelleher shares Gensler's public views that the majority of cryptocurrencies are unregistered securities and states that the vast majority of crypto products are unregistered securities and commodities traded on unregistered exchanges.
Senator Warren, the biggest critic and arch-foe of cryptocurrencies, has publicly associated herself with Kelleher and Better Markets, even giving a complimentary testimonial on the organization's website.
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Don't forget to vote for me ✅Today, the Securities and Exchange Commission (SEC) took a significant step forward by approving the listing and trading of several shares of spot Bitcoin-related exchange-traded products (ETPs). This decision marks a turning point in the institutional acceptance of the main cryptocurrency.However, it is crucial to note that the SEC issued a nuanced statement. It specified that they have approved the listing and trading of shares related to Bitcoin spot ETPs, but this in no way constitutes an endorsement of Bitcoin itself. The statement highlights the SEC's continued reservations regarding the nature and regulation of cryptocurrency.This approval can be interpreted as recognition of Bitcoin-related ETPs as a regulated financial product, paving the way for greater accessibility and increased participation of institutional investors in the Bitcoin market. However, the shadow of regulatory concerns still looms over Bitcoin as an underlying asset.The SEC appears to be taking a cautious approach, distinguishing between financial derivative products linked to Bitcoin and the cryptocurrency itself. This distinction could reflect the unique regulatory challenges associated with Bitcoin as an asset class, such as extreme volatility and security concerns.Ultimately, this move by the SEC can be interpreted as another step toward legitimizing Bitcoin in the traditional financial landscape, although reservations remain about directly approving the cryptocurrency. The long-term impact of this approval on the adoption and perception of Bitcoin remains to be seen, but it undoubtedly highlights the continued evolution of financial regulators in the face of the emergence of new forms of digital assets.Don't forget to like, follow me and share Vote for me here#ETFsApproval #BTC #etf #BNB #garrygensler