Better Markets, a nonprofit organization headquartered in the United States, sent a letter to the Securities and Exchange Commission (SEC) saying it opposes the approval of Bitcoin spot ETFs.
Grayscale argues that the court's decision should not force the SEC to deviate from its previous decision not to approve multiple Bitcoin-based spot ETFs.
Better Markets took the rare step of sending a follow-up comment letter, arguing that the SEC's approval of the expected rule change would be a serious, if not historic, mistake and would result in major losses for investors. According to the organization, the approval of these spot Bitcoin ETFs will expose investors to a market completely tainted by fraud and manipulation.
Bloomberg analyst James Seyffarth commented on the situation, saying that given the time, effort and energy expended by all these applicants and SEC staff over the past few months, refusal would certainly be a criminal act.
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