The CEO of Better Markets, Dennis Kelleher, wrote a letter on Friday, asking the United States Securities and Exchange Commission (SEC) to not approve a Spot Bitcoin Exchange-Traded Fund (ETF). The chief executive of the non-profit organization claimed that an approval would go against the agency’s core principles.

Better Markets Letter to the SEC

In the letter addressed to SEC secretary Vanessa Countryman, Kelleher noted that if the SEC were to approve the Spot Bitcoin ETF applications submitted by firms like BlackRock, Grayscale, Franklin Templeton, and others, investors would face significant risks.

The letter reads:

“We submit this supplemental comment letter…

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