Better Markets Warns U.S. SEC to Reject Bitcoin ETF

Bitcoin ETFs are close to getting approved, but Better Markets warns the SEC this might be a big mistake.

Better Markets, a group for strict financial rules, told the SEC to reject Bitcoin Spot ETFs. They think the decision is coming next week.

Dennis M. Keheller from Better Markets said, "Approving Bitcoin ETFs could harm investors a lot." He thinks Bitcoin is too risky and not useful for society. He's worried about possible cheating in Bitcoin trading and that few people own most of the Bitcoin.

Keheller also said, "The Bitcoin market could allow fraud, and the SEC might not be able to control it well." He doubts the abilities of Coinbase, the chosen manager for the ETF, as they're not fully regulated and had issues stopping fraud. 

Keheller believes working with Coinbase is a bad choice for the SEC. He points out problems in Coinbase's history with fraud and manipulation.