Nonprofit Better Markets writes to SEC: Approval of Ethereum spot ETF will threaten the broader financial system

Odaily Odaily News Better Markets has warned of the dangers of approving Ethereum spot ETF products. It is reported that this is a non-profit financial organization that aims to "promote the public interest of financial markets" and "support financial reform on Wall Street." In a supplementary comment letter sent to the U.S. SEC, the organization criticized the Bitcoin spot ETF approved by the commission earlier, saying that this allows "the industry to sell some of its products to retail investors under the guise of legality." Better Markets also commented on its views on the cryptocurrency industry, saying that it is rife with "fraud, scams and abuse." The organization believes that the current experience of similar Bitcoin-based products shows why Ethereum spot ETFs should not be approved. Even after the Bitcoin ETF is approved, the "volatility" of the price of related assets proves its volatility, which is one of the factors that Better Markets uses to support its views. In addition, it warned that "the approval of the Ethereum spot ETF will further intertwine the cryptocurrency industry with traditional finance." This will exacerbate the systemic risks posed by several Bitcoin ETFs approved earlier. (Bitcoin.com)