Dennis Kelleher, CEO of nonprofit organization Better Markets, has made a strong appeal to the United States Securities and Exchange Commission (SEC) not to approve the spot Bitcoin exchange-traded fund (ETF). In a letter addressed to SEC Secretary Vanessa Countryman, Kelleher expressed concerns that approval of such an ETF would pose significant risks to investors and run counter to the regulator’s core principles.
Bitcoin ETF approval would be a big mistake
Dennis Kelleher, CEO of nonprofit organization Better Markets, has called on the United States Securities and Exchange Commission (SEC) not to approve the spot Bitcoin exchange-traded fund (ETF), arguing that it goes against the regulator’s core principles. In his letter, Kelleher emphasized that there could be serious consequences if the SEC approves the spot Bitcoin ETF. He argued that this decision could expose investors to a market tainted by fraud and manipulation and highlighted the risks inherent in the crypto industry. Better Markets CEO emphasized that such an approval would likely cause great harm to investors and could be a historical mistake.
Kelleher further detailed the risks posed by the proposed spot Bitcoin ETF, specifically highlighting the increased potential for fraud. He noted that approval of these ETFs would expose investors to a market already plagued by fraud and manipulation, citing recent reports of phishing scams that affected more than 324,000 crypto users in 2023 and resulted in losses of approximately $295 million.
Latest ETF developments
Despite Kelleher’s warnings, prominent figures in the crypto industry ignored his concerns. Bloomberg ETF analyst James Seyffart criticized Kelleher’s stance, highlighting the significant effort asset management firms are making to develop spot Bitcoin ETF applications. Fox Business reporter Eleanor Terrett echoed Kelleher’s negative remarks about crypto, describing it as “worse than a fantasy” and a “fraud of the public.”
cryptokoin.com In recent developments, as we reported, 11 spot Bitcoin ETF applicants submitted 19b-4 amendment forms before the January 5 deadline. While these forms mark one of the final stages in the SEC approval process, S-1 filings must be completed before U.S. exchanges can list investment security shares with direct exposure to crypto. There is a lot of speculation regarding the final approval, with experts suggesting that it could happen before the January 10 deadline for ARK Invest and 21Shares’ bid. Investors are eagerly awaiting the SEC’s decision in an environment of dynamic opinions and expectations within the crypto community.
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