Bloomberg ETF analyst James Seyffart disagreed with the letter, stating that denying the spot Bitcoin ETF would be a "criminal move."
Dennis M. Kelleher, CEO of nonprofit organization Better Markets, has urged the United States Securities and Exchange Commission (SEC) to not approve a spot Bitcoin exchange-traded fund (ETF). He argued that it goes against the core principles of the regulatory body.
In a letter addressed to SEC secretary Vanessa Countryman on Jan. 5, Kelleher emphasized that if the SEC were to approve a spot Bitcoin ETF it could lead to investors facing significant risks:
Kelleher argued that the proposed product would subject investors to the risk of potential fraud, a concern that has been associated with the crypto industry since its inception.
