Non-profit organization Better Markets once again writes to the SEC to oppose the approval of a Bitcoin spot ETF

The non-profit organization Better Markets has continuously sent letters to the U.S. SEC opposing the approval of a Bitcoin spot ETF. On January 5, the Better Markets official website once again issued a document asking the SEC to reject the Bitcoin spot ETF application, claiming that if the SEC approves such products, it will be a historic mistake and will cause huge losses to investors. Better Markets CEO Dennis Kelleher is a representative figure against cryptocurrencies. He has been critical of the virtual asset industry, calling it an "inherently predatory business model." In addition, Kelleher developed a close relationship with SEC Chairman Gary Gensler while working together on U.S. President-elect Joe Biden's presidential transition team in 2020. Analysts in the industry say that their relationship may become a variable in whether the Bitcoin spot ETF can pass. FOX Business reporter Eleanor Terrett said that Better Market’s statement may not necessarily have a negative impact on the approval results of the Bitcoin spot ETF, but the relationship between SEC Chairman Gary Gensler and Dennis Kelleher is very close, and everyone needs to pay attention to this. (Hankyung) Prior to the news in August 2023, Better Markets stated in its letter that the U.S. SEC should reject a large number of recent spot Bitcoin ETF applications because it is worried that this may cause harm to investors.