Amid growing anticipation surrounding the approval of Bitcoin Exchange Traded Funds (ETFs), the organization Better Markets has issued a stern warning to the United States Securities and Exchange Commission (SEC).

Better Markets, known for its active role in advocating for stricter financial regulations, strongly advised the SEC to reject the Bitcoin Spot ETFs proposal, citing significant concerns related to fraud and investor safety.

Dennis M. Keheller, representative of Better Markets, expressed deep reservations about approving these ETFs. “The approval of Bitcoin ETFs could cause serious harm to investors,” he said. Keheller highlighted the high risk associated with Bitcoin, considering it to be of little social utility. His concern extends to Bitcoin trading practices, where there are fears of manipulation and concentrated control in the hands of a few.

Keheller also raised questions about the management of Bitcoin ETFs, specifically the choice of Coinbase as administrator. According to him, Coinbase, despite being one of the largest cryptocurrency platforms, has faced challenges in the past related to fraud prevention and is not fully regulated. Working with Coinbase represents a bad decision for the SEC,” he stated, pointing to previous incidents of fraud and manipulation associated with the company.

This warning from Better Markets comes at a critical time when the cryptocurrency market continues to attract both enthusiastic and skeptical investors. The SEC’s decision on approving Bitcoin Spot ETFs is eagerly awaited, and Keheller’s words echo the sentiments of a significant portion of the financial sector that remains cautious about integrating cryptocurrencies into traditional investment products.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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