{"id":82856,"date":"2023-08-10T09:44:15","date_gmt":"2023-08-10T06:44:15","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82856"},"modified":"2025-09-12T07:36:28","modified_gmt":"2025-09-12T04:36:28","slug":"better-markets-urges-sec-to-reject-all-bitcoin-etf-filings","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/better-markets-urges-sec-to-reject-all-bitcoin-etf-filings\/","title":{"rendered":"Better Markets urges SEC to reject all Bitcoin-ETF filings"},"content":{"rendered":"<p>The nonprofit Better Markets, in letters to the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>, urged the agency to reject <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-cryptocurrency-etf\">Bitcoin-ETF<\/a> filings, citing \u201cpotential investor risks.\u201d This is reported in a <a href=\"https:\/\/bettermarkets.org\/newsroom\/sec-should-reject-bitcoin-etf-filings-because-they-will-expose-investors-to-fraud-manipulation-and-other-investor-harms\/\">press release<\/a>.<\/p>\n<p>According to Steven Hall, the legal director, the crypto industry has suffered $2 trillion in losses.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cMultiple coercive measures, bankruptcies, criminal prosecutions. Dozens of lawsuits over lies, fraud and theft. Meanwhile the main beneficiaries of the crypto craze are criminals who use them to spread ransomware, money laundering and all sorts of illegal activities. It is in this context that the SEC should assess the latest wave of Bitcoin-ETF filings,\u201d said the expert.<\/cite><\/p><\/blockquote>\n<p>According to two letters from Better Markets, the Commission should continue to adhere to a conservative stance.<\/p>\n<p>In filings from many firms, including Invesco, VanEck, 21Shares, WisdomTree and Fidelity, <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-related-stocks-rally-on-etf-news\">selected<\/a> Coinbase as a joint sponsor. Representatives of Better Markets stressed that only a small share of global spot crypto-asset trading goes through the American company.<\/p>\n<p>Bitcoin itself, the nonprofit says, is a \u201ccommodity actively manipulated through wash trading.\u201d Coinbase is not registered with the SEC or the <span data-descr=\"U.S. Commodity Futures Trading Commission\" class=\"old_tooltip\">CFTC<\/span>, having <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-coinbase-exchange\">legal issues<\/a>.<\/p>\n<p>The organization Better Markets, founded after the 2008 financial crisis, focuses on reforming financial markets.<\/p>\n<p>In June, BlackRock <a href=\"https:\/\/u1f987.com\/en\/news\/blackrock-files-for-bitcoin-etf-launch\">filed an application<\/a> to launch an exchange-traded fund based on digital gold. The same Galaxy, together with the investment firm Invesco, which manages WisdomTree\u2019s assets, as well as <a href=\"https:\/\/u1f987.com\/en\/news\/valkyrie-seeks-to-register-a-spot-bitcoin-etf\">Valkyrie Investments<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/fidelity-investments-files-for-spot-bitcoin-etf\">Fidelity Investments<\/a>, followed suit. Since April, regulator has been reviewing a similar request from ARK Invest and 21Shares.<\/p>\n<p>So far the SEC has not approved any spot Bitcoin ETFs. The Commission has approved futures-based products for the first cryptocurrency from <a href=\"https:\/\/u1f987.com\/en\/news\/sec-quietly-approves-first-futures-based-bitcoin-etf\">ProShares<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/sec-approves-futures-based-bitcoin-etfs-from-vaneck-and-valkyrie-investments\">Valkyrie Investments<\/a>.<\/p>\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/bernstein-sees-high-odds-of-spot-bitcoin-etf-approval\">Bernstein experts<\/a> and former SEC <a href=\"https:\/\/u1f987.com\/en\/news\/ex-sec-chief-sees-chances-for-bitcoin-etf-approval\">Jay Clayton<\/a> assessed the prospects for a new wave of contenders as high. Earlier, Galaxy Digital CEO Mike Novogratz <a href=\"https:\/\/u1f987.com\/en\/news\/novogratz-says-sec-could-approve-spot-bitcoin-etf-by-february-2024\">called<\/a> the projected timeline for approving the spot Bitcoin-ETF.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The nonprofit Better Markets, in letters to the SEC, urged the agency to reject Bitcoin ETF filings, citing \u201cpotential investor risks.\u201d<\/p>\n","protected":false},"author":1,"featured_media":82857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,128],"class_list":["post-82856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=82856"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82856\/revisions"}],"predecessor-version":[{"id":82858,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82856\/revisions\/82858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/82857"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=82856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=82856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=82856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}