Better Markets CEO Dennis Kelleher sent a letter to the SEC asking not to accept the Bitcoin Spot ETF application.
Better Markets CEO Dennis Kelleher sent a letter to the SEC asking not to accept the Bitcoin Spot ETF application. The crypto industry is wondering whether the SEC will approve the Bitcoin Spot ETF application. The SEC is expected to make a formal decision on January 10, accepting the application and paving the way for a Bitcoin spot ETF.
The cryptocurrency market is also factoring in the possibility of the Bitcoin Spot ETF being approved. An upward trend has dominated the crypto market since September 2023. Comments on market developments began to come from many crypto players. The CEO of Better Markets did something that surprised crypto investors.
Letter to SEC to Reject Bitcoin Spot ETFs
Better Markets CEO Dennis Kelleher said he is strongly against the SEC approving the Bitcoin Spot ETF. In his letter to the SEC, Kelleher said the approval violated the regulator’s core principles.
Kelleher sent a letter to SEC Secretary Vanessa Countryman regarding the Bitcoin Spot ETF. In this letter, Kelleher touched on potential investor risks associated with ETFs. Kelleher expressed concern that investors would suffer losses if approved.
Kelleher said approving the BTC Spot ETF would be a big mistake, noting the risks of fraud and identity theft associated with the crypto industry. “The approval of these Bitcoin spot ETFs not only exposes investors to a market riddled with fraud and manipulation,” Kelleher said.
Kelleher focuses on the dire consequences awaiting investors after approval. Kelleher explained that ETF approvals can be misinterpreted and give the impression that the US government has approved cryptocurrencies. The CEO of Better Markets therefore believes that the process is being exploited.
In response to Kelleher’s comments, Bloomberg ETF analyst James Seifert said, “Given the concerted efforts of all ETF issuers and SEC staff over the past several months, rejecting the ETF would undoubtedly be a criminal act.” said.
