Better Markets, a nonprofit, has appealed to the SEC regarding spot Bitcoin ETFs.
Better Markets has urged the SEC to reject the spot Bitcoin ETFs that have been referenced. However, this call caused a backlash in the community.
Better Markets received backlash from the community
Nonprofit Better Markets is urging the SEC to reject spot Bitcoin ETF applications.
According to letters sent by Better Markets, the SEC should turn down a number of recent spot bitcoin exchange-traded fund applications amid concerns about possible investor harm. Better Markets’ legal director and securities expert, Stephen Hall, said on Wednesday that the crypto industry has seen $2 trillion in losses, various sanctions, bankruptcies, lawsuits, and criminal prosecutions.
“Meanwhile, the main beneficiaries of the crypto frenzy are criminals who use it to facilitate ransomware, money laundering, and all kinds of illegal behavior,” Hall said, noting that the SEC should consider Bitcoin ETF filings this month.
Better Markets specifically sent out two letters on Tuesday commenting on eight applications for a spot Bitcoin ETF. Applications for these products have increased over the past few months, intensifying in part after BlackRock’s first application in June.
The SEC has yet to approve a spot Bitcoin ETF and has rejected previous efforts. When asked about pending applications, President Gary Gensler expressed his concerns about fraud and manipulation.
“Our letters of comment urge the SEC to comply with its previous orders rejecting such applications and reject the eight proposed rule changes pending before the agency,” Hall said.
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