However, Better Markets sent a comment letter before the comment window closed.
Founded after the 2008 financial crisis, Better Markets describes itself as an independent, nonpartisan, nonprofit organization that promotes the public interest in the financial markets.
Better Markets sent a comment letter on BTC spot ETF filings shortly before the comment window closed.
The comment letter said:
"We submitted this supplemental comment letter (which Better Markets rarely does) because it would be a serious, if not historic, mistake that would almost certainly cause massive harm to investors if the SEC approves the pending rule changes."
Dennis M. Kelleher, Co-Founder, President and CEO, issued the following statement about the presentation,
โApproving spot bitcoin ETPs would be a historic mistake that would almost certainly cause massive harm to investors. โThe immense and relentless fraud and manipulation in the bitcoin market means that approving these products would expose millions of American investors and retirees to the very harms the SEC seeks to prevent.โ
Kelleher also discussed the legal obligation of exchanges to prevent fraud and manipulation, saying:
โThe potential for fraud and manipulation in the bitcoin spot market is so great that an exchange cannot allow the listing and trading of a spot bitcoin ETP and still meet those requirements.โ
Kelleher also called the shared surveillance arrangements "window dressing."
Fox Business journalist Eleanor Terrett had this to say say about the comment letter,
"I'm not saying that this breaking comment letter from Better Markets will have a negative impact on the SEC's approval of a BTC Spot ETF, but it's definitely worth noting that SEC Chairman Gary Gensler and Better Markets President and CEO Dennis Kelleher are close (they served on Biden's presidential transition team together) and Kelleher himself doesn't like cryptocurrencies AT ALL."
Terrett shared Kelleher's previous comments that deserve consideration.
Better Markets, Senator Elizabeth Warren and SEC Chairman Gary Gensler
The ties between Better Markets go beyond SEC Chairman Gary Gensler. Senator Elizabeth Warren wrote a testimonial for the Better Markets website.
Seyffart responded to posts on X (formerly Twitter) that linked Senator Warren, saying,
"It would be an absolutely criminal move for this to happen, considering the time, effort and energy of all of these issuers AND the SEC staff over the past few months."
A sudden reversal by the SEC would be advantageous to Senator Warren and the Anti-crypto army. Senator Warren is behind the Digital Asset Anti-Money Laundering Act, which aims to impose bank-style regulations on the US crypto market. In December, Senator Roger Marshall accepted to draft the bill with Senator Warren and with the assistance of the American Bankers Association.
Notably, the admission came after the infamous Banking Committee hearing, where JPMorgan CEO Jamie Dimon said:
"If I were the government, I would close it."
On Saturday, BTC was down 0.44% at $44,070.
Technical analysis
bitcoin analysis
btc maintained above 50 and 200 days It's notsending bullish price signals.
A BTC breakout from the $44,690 resistance level would give the bulls a run towards the $46,020 resistance level.
On Saturday, the focus will be on news related to BTC spot ETFs.
However, a break below the $42,968 support level would put the 50-day EMA into play.
The 14-day RSI reading of 56.35 indicates a return of BTC to the $46,000 level before entering overbought territory.
