In a stern warning to the US Securities and Exchange Commission (SEC), Dennis M. Kelleher, Co-Founder and CEO of Better Markets, a non-profit organization that focuses on advancing public financial interest, has issued a statement vehemently opposing the approval of Bitcoin spot ETFs.
Would be an absolutely criminal move for this to happen considering the time effort and energy from all these issuers AND from the SEC staff over the last few months https://t.co/QZR4pqcyga
— James Seyffart (@JSeyff) January 5, 2024
Seyraff referenced the multiple dialogues between asset managers and the SEC in the last few weeks. Notably, these discussions have led to amendments by applicants in their various proposals indicating changes that match the SEC’s requirements of investor safety in regard to such exchange-traded products.
The decision deadline for these ETF applications is on January 10. Many crypto analysts remain positive on a potential approval which they predict will lead to an increased demand for Bitcoin.
At the time of writing, the maiden cryptocurrency trades at $43,895, with a 0.21% decline in the last hour.
Bitcoin trading at $43,819 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Getty Image/istockphoto, chart from Tradingview
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Author: Semilore Faleti