Bitcoin News and Finance
Watchdog Group Warns SEC: Reject Spot Bitcoin ETFs or Face ‘Financial Carnage’ Skip to main content

Watchdog Group Warns SEC: Reject Spot Bitcoin ETFs or Face ‘Financial Carnage’

Watchdog Group Warns SEC: Reject Spot Bitcoin ETFs or Face 'Financial Carnage'

Financial watchdog group Better Markets has called on the U.S. Securities and Exchange Commission (SEC) to reject spot bitcoin exchange-traded funds (ETFs), warning that they “will inflict massive investor harm.” The organization features U.S. Senator Elizabeth Warren’s testimonial on its website. Its president, who is reportedly close to SEC Chairman Gary Gensler, warned the securities regulator that it “must not facilitate the financial carnage that will follow.”

SEC Must ‘Follow the Law and Reject’ Spot Bitcoin ETFs

On Friday, Better Markets filed a supplemental comment letter with the U.S. Securities and Exchange Commission (SEC) detailing why the securities regulator should reject applications to launch spot bitcoin exchange-traded products (ETPs), which include bitcoin exchange-traded funds (ETFs).

Better Markets is a non-profit, non-partisan, independent organization based in Washington, D.C. It is dedicated to promoting the public interest in financial reform, financial markets, and the economy. Its letter to the SEC on Friday referenced multiple spot bitcoin ETFs, including those proposed by Blackrock, Vaneck, Ark Invest, Invesco, and Wisdomtree.

“The SEC must follow the law and reject spot bitcoin ETPs which will inflict massive investor harm,” Better Markets wrote. Dennis Kelleher, Better Markets’ cofounder, president, and CEO, issued a statement Friday:

The approval of spot bitcoin ETPs would be a historic mistake almost certainly leading to massive investor harm. The immense and unrelenting fraud and manipulation in the bitcoin market means that approving these products would expose millions of American investors and retirees to the very harms that the SEC exists to prevent.

“The SEC must not facilitate the financial carnage that will follow if the crypto industry is allowed to repackage, add a veneer of legitimacy to, and widely disseminate a financial product that is little more than a socially worthless gambling chip,” he warned. “Denying the proposed rule changes is required under the law.”

Several people on social media platform X quickly pointed out the connection between Better Markets, the anti-crypto U.S. Senator Elizabeth Warren (D-MA), and SEC Chairman Gary Gensler.

Warren is among the top testimonials featured on the Better Markets website. “Dennis Kelleher and his team at Better Markets have consistently pushed for financial reform that will help protect the U.S. economy from another financial crash,” the anti-crypto senator wrote.

As for Gensler, Fox Business journalist Eleanor Terrett detailed in a lengthy post on X Friday. “SEC Chairman Gary Gensler and the president and CEO of Better Markets Dennis Kelleher are tight (they served on Biden’s presidential transition team together) and Kelleher himself doesn’t like crypto AT ALL.” The Better Markets CEO previously said crypto has “no legitimate or socially useful purpose,” noting: “It’s worse than a fantasy, it’s a fraud on the public.”

While many in the crypto community found Better Markets’ arguments unconvincing, others expressed concerns that Gensler might seek a means to reject spot bitcoin ETF applications.

Do you think Better Markets will successfully persuade the SEC to reject spot bitcoin ETF applications? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory