Better Markets: The SEC Should Reject Spot Bitcoin ETF Applications

ChainCatcher news, the nonprofit organization Better Markets pointed out in its submitted letter that the U.S. SEC should reject the recent wave of spot Bitcoin ETF applications, as this could harm investors.

Better Markets' legal director and securities expert Stephen Hall stated in a statement on Wednesday that the crypto industry has already suffered $2 trillion in losses, multiple enforcement actions, bankruptcies, lawsuits, and criminal prosecutions, and noted that "the main beneficiaries of the crypto boom are criminals who use cryptocurrencies to engage in ransomware, money laundering, and various illegal activities."

In response to the companies that have submitted applications, Coinbase has been designated as the oversight sharing partner to help alleviate regulators' concerns about market manipulation. Better Markets also pointed out that Coinbase is not registered with the SEC or the Commodity Futures Trading Commission, while also noting its legal disputes with the SEC.