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He called for the rejection of Bitcoin spot ETFs!
Dennis Kelleher, CEO of Better Markets, has sent a letter to the SEC requesting that it reject Bitcoin spot ETF applications.
The cryptocurrency industry is wondering if the SEC will approve Bitcoin spot ETF applications. The SEC, which will make a formal decision on Jan. 10, is expected to accept applications and pave the way for Bitcoin spot ETFs.
The crypto market has also priced in the prospect of Bitcoin spot ETFs being approved. Since September 2023, an uptrend has prevailed in the crypto market.
Comments on the progress of the market began to come from many crypto actors. The CEO of Better Markets, on the other hand, made a move that surprised crypto investors.
Letter to SEC for rejection of Bitcoin spot ETFs
Dennis Kelleher, CEO of Better Markets, has expressed his unequivocal opposition to the SEC's approval of Bitcoin spot ETFs. In a letter to the SEC, Kelleher said that if the approvals are forthcoming, the regulator will step out of its core principles.
Kelleher sent a letter to SEC secretary Vanessa Countryman about Bitcoin spot ETFs. In this letter, Kelleher touched on potential investor risks associated with ETFs. Expressing that he is worried, Kelleher stated that if the approval comes, investors will lose.
Stating that it would be a serious mistake to approve Bitcoin spot ETFs, Kelleher pointed to the risk of fraud and identity theft associated with the cryptocurrency industry. "The approval of these Bitcoin spot ETFs will not only expose investors to a market tainted with fraud and manipulation," Kelleher said.
Kelleher dwells on the bad results that await investors after the approval. Kelleher stated that the ETF approval could be misinterpreted and would suggest that the US government has approved cryptocurrencies. The CEO of Better Markets thinks that the process will be abused because of this.
Reacting to Kelleher's remarks, Bloomberg ETF analyst James Seyffart said, "Based on the hard work of all ETF issuers and SEC staff over the past few months, an ETF rejection would certainly be a criminal act." *Said.