One of Gary Gensler’s Closest Associates Sends ‘Reject Bitcoin Spot ETF’ Letter to SEC: Could It Affect the Decision?

Better Markets, a US-based non-profit organization, sent a letter to the Securities and Exchange Commission (SEC) stating that it opposes the approval of Bitcoin Spot ETFs.

Grayscale argues that the court decision should not force the SEC to deviate from its previous decision not to approve multiple spot Bitcoin-based ETFs.

In a rare move, Better Markets filed a supplemental comment letter, arguing that the SEC approving the pending rule change would be a major, if not historic, mistake and would result in major investor losses. According to the organization, approval of these spot Bitcoin ETFs will expose investors to a market completely contaminated with fraud and manipulation.

Bloomberg analyst James Seyffart commented on the situation, stating that given the time, effort and energy expended by all these applicants and SEC staff over the past few months, a denial would certainly be a criminal act.

FOX Business cryptocurrency journalist Eleanor Terrett noted that this last-minute comment letter from Better Markets could potentially impact SEC approval of a Bitcoin Spot ETF. He brought up the close relationship between SEC Chairman Gary Gensler and Better Markets President and CEO Dennis Kelleher. Both served together on Biden’s presidential transition team, and Kelleher is known for his dislike of crypto.

Kelleher has previously commented on Gensler, the SEC, and the crypto industry, stating that the crypto industry has no legitimate or socially beneficial purpose and has a fundamentally predatory business model.

Kelleher shares Gensler’s public views that the majority of cryptocurrencies are unregistered securities and states that the vast majority of crypto products are unregistered securities and commodities traded on unregistered exchanges.

Senator Warren, the biggest critic and arch-foe of cryptocurrencies, has publicly associated herself with Kelleher and Better Markets, even giving a complimentary testimonial on the organization’s website.

*This is not investment advice.

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