In a stern warning to the US Securities and Exchange Commission (SEC), Dennis M. Kelleher, Co-Founder and CEO of Better Markets, a non-profit organization that focuses on advancing public financial interest, has issued a statement vehemently opposing the approval of Bitcoin spot ETFs. 

This development comes amidst widespread optimism among market analysts that the SEC will, in the next few days, greenlight several applications by asset managers vying to launch a Bitcoin spot ETF in the United States.

Approving Bitcoin Spot ETF Would Be A ‘Historic Mistake’ – Kelleher

On Friday, December 6, Better Markets submitted a Supplemental Comment Letter to the SEC in response to proposed rule changes by national securities exchanges looking to list and trade shares in Bitcoin spot ETFs. 

In this letter, the company’s CEO, Dennis M. Kelleher, expressed strong opposition to the idea of Bitcoin spot exchange-traded products terming it a “historic mistake” that will “almost certainly” result in investor harm on a large scale. 

Keheller stated that introducing these spot ETFs to the US financial markets would expose millions of American investors to certain risks associated with the crypto market, which notably includes a prevalent level of fraud and market manipulation.

Bitcoinist

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