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Better Markets Writes to the U.S. SEC Again! Criticizes Bitcoin Spot ETF for the Second Time (transferred on the 8th).
Dedicated to protecting the rights of investors and consumers, the U.S. non-profit organization Better Markets has written to the U.S. Securities and Exchange Commission (SEC) for the second time, strongly criticizing the Bitcoin Spot ETF.
Concerns Raised by Better Markets:
According to the documents sent by Better Markets to the SEC, Dennis M. Kelleher, the organization's founder and CEO, heavily criticized the Bitcoin Spot ETF in the letter. He pointed out several issues:
1. High volatility and highly speculative nature of the financial product, which is of no benefit to society.
2. The potential risks it poses to U.S. investors and retirees.
3. Possible existence of fraudulent trading and high concentration of holders.
4. Ineffectiveness of the monitoring and sharing protocols, making it difficult to prevent manipulation.
He believes that the Bitcoin price can remain stable for extended periods and experience sharp fluctuations at specific times, indicating risks to the general public.
What is Better Markets?
Better Markets is a U.S. non-profit organization dedicated to protecting the rights of investors and consumers. It advocates for financial reform and regulation to promote transparency and fairness in financial markets.
FTX had previously attempted to offer a $1 million donation to Better Markets, aiming to gain approval from the U.S. Commodity Futures Trading Commission (CFTC) for the securities clearing model proposed by SBF at the time. However, Dennis M. Kelleher vehemently rejected this donation, urging the CFTC to reject SBF's proposal.
This is not the first time Better Markets has criticized the Bitcoin Spot ETF. Stephen Hall, Better Markets' Legal Director and Securities Expert, submitted comments to the SEC in August of the previous year, listing various dark aspects of the crypto industry. |
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Post time 16-1-2024 12:34:57