Better Markets, a nonprofit financial organization, has opposed the approval of a spot ether ETF, arguing it could endanger the entire financial system. In a detailed letter to the SEC, Better Markets claims that such an ETF would intertwine the crypto industry with traditional finance, exacerbating systemic risks seen with bitcoin-based products.
The organization criticized the SEC’s previous approval of a bitcoin ETF, suggesting it misled retail investors with a false sense of legality. Better Markets also highlighted the volatility and fraud issues within the cryptocurrency market, using these points to justify their stance against the ether ETF.
Better Markets aims to protect hardworking Americans from risky Wall Street activities. Led by Dennis Kelleher, a former U.S. Senate senior staffer and member of the Biden-Harris transition team, the organization strives for economic security and fairness. Their efforts underline significant concerns about integrating volatile crypto assets into mainstream finance.
