Bloomberg ETF analyst James Seyffart disagreed with the letter, arguing that denying the spot Bitcoin ETF would be a “criminal move.”
Dennis Kelleher, CEO of the nonprofit organization Better Markets, has urged the United States Securities and Exchange Commission (SEC) not to approve a spot Bitcoin (BTC) exchange-traded fund (ETF), arguing that it goes against the core principles of the regulatory body.
In a letter addressed to SEC secretary Vanessa Countryman on Jan. 5, Kelleher emphasized that if the SEC were to approve a spot Bitcoin ETF, it could lead to investors facing significant risks:
Kelleher argued that the proposed product would expose investors to the risk of potential fraud, a concern he claims is commonly associated with the crypto industry.
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Source: https://cointelegraph.com/news/spot-bitcoin-etf-mistake-better-markets