Renowned Crypto Personalities Disapprove of Better Markets’ Letter Urging SEC to Decline Spot Bitcoin ETFs
Better Markets, an organization known for its opposition to spot Bitcoin ETFs, has expressed its concerns regarding the approval of such investment products. In a detailed letter, Better Markets argues that allowing spot Bitcoin-based ETPs would not only expose investors to a questionable market, but it would also give the cryptocurrency sector the ability to claim implicit acceptance by the US government. The organization emphasizes the role of the SEC in protecting investors and highlights that approving these ETFs could open the floodgates for cryptographic products targeting average retail traders, including those managing retirement savings. Better Markets asserts that the SEC should prioritize the public interest over potential legal risks and avoid granting legitimacy to a financial product that is considered an “anti-social gambling chip.”
In response to Better Markets’ letter, members of the crypto community and influencers in the market have offered their opinions. Fox Business Journalist Eleanor Terrett points out the connection between SEC Chairman Gary Gensler and Better Markets’ President and CEO Dennis Kelleher, suggesting the possibility of influence due to their history with Biden’s presidential transition team. James Seyffart, a well-known crypto analyst at Bloomberg, has observed Better Markets’ letter but has not provided insights on how it could impact the SEC’s decision. However, a prominent figure in the crypto community, Dodge, has criticized Better Markets’ position and referred to their letter as a “joke.” He highlights a statement in the organization’s report claiming that Bitcoin was trading as early as 2002, which he argues shows how much the cryptocurrency landscape has changed over time.
The public’s response to Better Markets’ letter has been largely dismissive, with social media users referring to the organization as “Worse Markets” due to several instances of incorrect dates and factual errors found throughout the letter. Despite the differing opinions and criticisms, the SEC’s decision on spot Bitcoin ETFs remains a pivotal moment for the future of cryptocurrency investments.