The non-profit organization Better Markets has once again written to the U.S. SEC opposing the approval of a Bitcoin spot ETF

Analysts say that the non-profit organization Better Market has repeatedly written to the U.S. Securities and Exchange Commission (SEC) opposing the approval of Bitcoin spot ETFs. On January 5, Better markets once again posted on its official website asking the SEC to reject applications for Bitcoin spot ETFs, stating that approving this product would be a historic mistake and cause huge losses for investors. Dennis Kelleher, CEO of Better Market, is a representative figure opposed to cryptocurrencies. He has always been critical of the virtual asset industry, calling it "essentially a predatory business model". In addition, when Kelleher worked with President-elect Joe Biden's transition team in 2020, he established a close relationship with SEC Chairman Gary Gensler. Some analysts suggest their relationship could influence whether or not Bitcoin spot ETFs are approved. Fox Business News reporter Eleanor Terrett said she doesn't think Better Market's stance will negatively impact the approval of Bitcoin spot ETFs but noted we need to pay attention to the close relationship between SEC Chairman Gary Gensler and Dennis Kelleher.