US Non-profit Organization Criticizes Bitcoin Spot ETF Again: Worthless Gambling Chips
US non-profit organization Better Markets has once again written to the US Securities and Exchange Commission (SEC) to criticize Bitcoin spot ETFs. In the letter, Dennis M. Kelleher, the founder and CEO of Better Markets, highlights several concerns about Bitcoin spot ETFs, including their high volatility, speculative nature, and lack of social utility. Kelleher also points out that these ETFs pose risks to US investors and retirees, and may involve fraudulent trading and high concentration of holders. He believes that Bitcoin prices can remain stable for extended periods and experience sharp fluctuations during certain periods, which poses risks to the public. Better Markets is a non-profit organization in the US that is dedicated to protecting the rights of investors and consumers, and promoting financial reform and regulation to enhance transparency and fairness in the financial markets. In the past, FTX attempted to donate $1 million to Better Markets in order to obtain approval from the US Commodities Futures Trading Commission (CFTC) for SBF’s proposed security clearing model. However, Dennis M. Kelleher firmly rejected the donation and urged the CFTC to reject SBF’s proposal. This is not the first time that Better Markets has criticized Bitcoin spot ETFs. Last August, Stephen Hall, the Legal Director and Securities Expert at Better Markets, submitted comments to the SEC listing the dark history of the cryptocurrency industry.
