Nonprofit organization Better Markets has filed letters urging the SEC to reject spot bitcoin exchange-traded fund applications due to concerns about potential investor harm. The crypto industry has experienced significant losses, enforcement actions, bankruptcies, lawsuits, and criminal prosecutions.
over concerns about possible investor harm, according to letters filed by nonprofit organization Better Markets.
Better Markets filed two letters on Tuesday, commenting specifically on eight applications for a spot bitcoin ETF. Applications for those products have flooded in over the past several months, sparked in part after BlackRock first filed in June. Better Markets said “only a small portion” of global spot bitcoin trading occurs on Coinbase, despite its national presence.
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