Prominent Crypto Figures Criticize Better Markets’ Letter Advocating SEC Reject Spot Bitcoin ETFs

The post Prominent Crypto Figures Criticize Better Markets’ Letter Advocating SEC Reject Spot Bitcoin ETFs appeared first on Coinpedia Fintech News

Better Markets has been outspoken in its opposition to spot Bitcoin ETFs as cryptocurrency enthusiasts wait with bated breath for possible approval.

Better Markets’ Argument

In the detailed letter, Better Markets argues that approving spot Bitcoin-based ETPs would not only expose investors to a dubious market but it will also allow the cryptocurrency sector to claim tacit acceptance by the United States government.

The letter points to the role of the SEC, which is protection for investors by stating that approving spot Bitcoin ETFs may result in a floodgate for cryptographic products targeting average retail traders including those who manage retirement savings. Better Markets further points out that the SEC must focus on the public interest’s needs rather than be concerned with potential litigation risks and refrain from providing legitimacy to a financial product considered an “anti-social gambling chip.”

Response from Terrett and Seyffart

In response to Better Markets’s letter, members of the crypto community and influencers in the market have spoken out. Fox Business Journalist Eleanor Terrett highlights how the SEC’s Chairman Gary Gensler is related to Dennis Kelleher, President and CEO of Better Terrett citing the possibility of influence stemming from their history with Biden’s presidential transition team.

A well-known crypto analyst at Bloomberg, James Seyffart has just observed Better Markets’s letter urging the SEC to reject and has not provided insights as to how, if possible, can the letter impact the SEC’s decision.

However, an influential figure in the crypto community named Dodge shamed Better Markets’ position and called their letter a “joke.” He emphasizes one statement from the report of said organization that Bitcoin was trading as early as 2002 so he holds up this point to show how much things have changed over time within cryptocurrency since then.

As such, several instances of wrong dates, even on the very first page of the letter, can be found which has led the public in general to not take the letter seriously. A common slam presently going on in social media is referring to its name as “Worse Markets”. 

Conclusion:

As the SEC weighs its decision on spot Bitcoin ETFs, an elephant divided remains standing as Better Markets urges caution and dissenting voices point to the unstable yet transforming nature of the crypto space. The result of this regulatory discussion will influence the future cryptocurrency investment scene.