Crypto News – SEC Commissioner Caroline Crenshaw, one of the two commissioners who voted against the approval, said in a statement on January 10 that the agency’s decision to approve the Bitcoin-based investment vehicles was “unsound and ahistorical.”
Harsh Criticism of Spot Bitcoin ETF Approval: Some Critics Think It’s Unhistorical and Unsound
I am concerned that these products will flood the markets and land squarely in the retirement accounts of US households who can least afford to lose their savings to the fraud and manipulation that appears prevalent in the spot bitcoin markets and will impact the ETPs
The global spot markets underlying the Bitcoin ETPs are marred by fraud and manipulation, concentrated, and without adequate oversight.
Crenshaw
The nonprofit economic group Better Markets was equally blunt in its condemnation of the ETF ruling, characterizing the asset as purposeless and intrinsically worthless.
The SEC’s action today has changed nothing about this worthless financial product: Bitcoin and crypto still have no legitimate use; remain the preferred product of speculators, gamblers, predators, and criminals; and continue to be cesspools of fraud, manipulation, and criminality,
Better Markets
Five days prior, Dennis Kelleher, the CEO of Better Markets, wrote a letter to the SEC recommending that the agency reject the Bitcoin ETF applications on the grounds that the products would almost certainly cause significant harm to investors.
Leave a comment