Bitcoin ETFs Enable the ‘Mass Marketing’ of a Worthless Asset to Main Street Americans, Says Better Markets

An autarkic nonprofit enactment said the U.S. Securities and Exchange Commission’s support of spot bitcoin exchange-traded funds has enabled the “mass selling of a known worthless, volatile, and fraud-filled fiscal merchandise to Main Street Americans.” The enactment claimed that bitcoin proponents volition apt represent the support arsenic immoderate benignant of authorities endorsement of cryptocurrencies.

Large Portion Bitcoin Trading Allegedly Tied to Wash Trades

Better Markets, an American nonprofit enactment committed to promoting nationalist involvement successful fiscal markets and the economy, has expressed dismay astatine the U.S. Securities and Exchange Commission (SEC)’s support of the spot bitcoin exchange-traded money (ETF). The enactment charged that alternatively of protecting crypto investors, the SEC has present enabled the “mass selling of a known worthless, volatile, and fraud-filled fiscal merchandise to Main Street Americans.”

In its Jan. 11, 2024, press statement, Better Markets insisted that the instrumentality does not enactment the U.S. regulator’s support of ETF applications. It besides attacked claims that a U.S. tribunal ruling successful favour of the crypto plus manager Grayscale had forced the SEC’s hand. As antecedently reported by Bitcoin.com News successful August 2023, the U.S. tribunal ruled that the SEC’s rejection of Grayscale’s spot Bitcoin ETF was “arbitrary and capricious.”

However, successful its fiery statement, Better Markets assailed suggestions that the SEC’s decision meant it had to o.k. the ETFs.

“The tribunal successful Grayscale simply said that the SEC failed to sufficiently explicate its anterior rejection. The SEC could — and should person — rejected the ETF applications and amended elaborate wherefore it did so, importantly including a showing that ‘as overmuch arsenic 77.5% of the full trading measurement connected unregulated exchanges was owed to lavation trading’ and arsenic overmuch arsenic 95% of Bitcoin trading ‘could beryllium owed to lavation trading,'” the nonprofit enactment said.

The nonprofit enactment besides claimed that BTC proponents volition apt represent the support arsenic immoderate benignant of authorities endorsement of cryptocurrencies. Turning its absorption connected BTC and cryptocurrencies successful general, the enactment said the apical crypto plus remains a “worthless fiscal product” that is lone favored by speculators, gamblers, and criminals.

According to a connection by Better Markets, nary regulatory assemblage has been capable to efficaciously constabulary the crypto industry. The connection besides slammed Rostin Behnam, the president of the Commodities Futures Trading Commission (CFTC), who it said had turned retired to beryllium “little much than a biased crypto cheerleader.”

What is your absorption to Better Markets’ instrumentality connected the SEC’s support of ETFs? Let america cognize what you deliberation successful the comments conception below.