Better Markets continues to send a letter to the US SEC, once again strongly criticizing the Bitcoin spot ETF

Better Markets, an American non-profit organization dedicated to protecting the rights and interests of investors and consumers, once again wrote to the U.S. Securities and Exchange Commission (SEC), criticizing the Bitcoin spot ETF for the second time.

Better Markets’ Doubts

According to Better Markets’ letter to the SEC, its founder and CEO Dennis M. Kelleher criticized the Bitcoin spot ETF in the letter. He mentioned several points :

Financial products that are highly volatile, highly speculative, and unhelpful to society.

It will pose risks to American investors and retired people.

There may be false transactions and high concentration of holders.

Monitoring sharing protocols is useless and difficult to prevent manipulation.

He believes that Bitcoin prices can be stable for a long time, but will fluctuate violently at some point, posing risks to the public, as shown in the figure below.

Bitcoin was only $77 in 2013

What are Better Markets?

Better Markets is an American non-profit organization dedicated to protecting the rights and interests of investors and consumers, promoting financial reform and supervision, and promoting transparency and fairness in the financial market.

FTX had attempted in the past to provide a $1 million donation to Better Markets in order to obtain approval from the U.S. Futures Trading Commission (CFTC) for the securities clearing model proposed by SBF at the time.

However, Dennis M. Kelleher sternly rejected this donation and urged the CFTC to reject SBF’s proposal.

This is not the first time that Better Markets has criticized Bitcoin spot ETFs. Better Markets’ legal director and securities expert Stephen Hall submitted comments to the SEC in August last year, listing the dark history of various crypto industries.

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