Better Markets CEO urges SEC not to approve spot Bitcoin ETFs, analysts clap back
Dennis M. Kelleher, co-founder and CEO of Better Markets, wants the U.S. Securities and Exchange Commission (SEC) to reject all applications for spot Bitcoin exchange-traded products (ETPs). In a Jan. 5 letter to the SEC, Kelleher argued that the approval would expose millions of American investors to fraud and manipulation, which the SEC is mandated to prevent, leading to “massive investor harm.” He expressed his fears in the context of a recent report by blockchain security firm Scam Sniffer that revealed more than 324,000 crypto users fell prey to fraud in 2023, resulting in a loss of around $295 million. “It would expose countless hardworking Americans to the risks inherent in investing in bitcoin. Those risks have not only been obvious over the last three years but have materialized repeatedly, resulting in billions of dollars of losses.” Dennis Kelleher, Better Markets CEO Moreover, the Better Markets chief executive, who has a distinguished career in law, poli...