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Better Markets CEO Warns SEC Against Bitcoin ETF Approval, Cit | Bitcoin Crypto Signals

Better Markets CEO Warns SEC Against Bitcoin ETF Approval, Citing Fraud Risks

In a bold move, Dennis M. Kelleher, CEO of Better Markets, a non-profit organization, is urging the U.S. Securities and Exchange Commission (SEC) to exercise caution in approving a spot Bitcoin exchange-traded fund (ETF). Kelleher argues that such a decision would run counter to the SEC's core principles and expose investors to potential fraud risks.

Fraud and Manipulation Concerns:
Kelleher voices strong concerns about the approval of spot Bitcoin ETFs, asserting that it could expose investors to a market tainted with fraud and manipulation. This warning echoes longstanding worries about the vulnerability of the crypto industry to illicit activities.

Security Amid Rising Phishing Scams:
His plea comes at a time when phishing scams in the crypto space are on the rise, with over 324,000 users falling victim in 2023, resulting in losses totaling $295 million. Kelleher emphasizes the need for enhanced security measures to protect investors from such threats.

Legitimacy Concerns for the Crypto Industry:
Kelleher also raises the issue of potentially granting the crypto industry undue legitimacy by approving these ETFs. He warns that such a move could be misconstrued as official approval by the U.S. government, potentially misleading unsuspecting investors.

Crypto Community Response:
While Kelleher's warning resonates with concerns, some within the crypto community remain skeptical. James Seyffart, a Bloomberg ETF analyst, expresses reservations, adding a layer of complexity to the ongoing debate around crypto regulation.

Source

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