[2024-01-12] Bitcoin ETFs Enable the ‘Mass Marketing’ of a Worthless ...

[chmod755]

Bitcoin ETFs Enable the ‘Mass Marketing’ of a Worthless Asset to Main Street Americans, Says Better Markets

An independent nonprofit organization said the U.S. Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds has enabled the “mass marketing of a known worthless, volatile, and fraud-filled financial product to Main Street Americans.” The organization claimed that bitcoin proponents will likely portray the approval as some kind of government endorsement of cryptocurrencies.

Large Portion Bitcoin Trading Allegedly Tied to Wash Trades

Better Markets, an American nonprofit organization committed to promoting public interest in financial markets and the economy, has expressed dismay at the U.S. Securities and Exchange Commission (SEC)’s approval of the spot bitcoin exchange-traded fund (ETF). The organization charged that instead of protecting crypto investors, the SEC has now enabled the “mass marketing of a known worthless, volatile, and fraud-filled financial product to Main Street Americans.”

In its Jan. 11, 2024, press statement, Better Markets insisted that the law does not support the U.S. regulator’s approval of ETF applications. It also attacked claims that a U.S. court ruling in favor of the crypto asset manager Grayscale had forced the SEC’s hand. As previously reported by Bitcoin.com News in August 2023, the U.S. court ruled that the SEC’s rejection of Grayscale’s spot Bitcoin ETF was “arbitrary and capricious.”

However, in its fiery statement, Better Markets assailed suggestions that the SEC’s defeat meant it had to approve the ETFs.

“The court in Grayscale merely said that the SEC failed to sufficiently explain its prior rejection. The SEC could — and should have — rejected the ETF applications and better detailed why it did so, importantly including a showing that ‘as much as 77.5% of the total trading volume on unregulated exchanges was due to wash trading’ and as much as 95% of Bitcoin trading ‘could be due to wash trading,'” the nonprofit organization said.

The nonprofit organization also claimed that BTC proponents will likely portray the approval as some kind of government endorsement of cryptocurrencies. Turning its focus on BTC and cryptocurrencies in general, the organization said the top crypto asset remains a “worthless financial product” that is only favored by speculators, gamblers, and criminals.

According to a statement by Better Markets, no regulatory body has been able to effectively police the crypto industry. The statement also slammed Rostin Behnam, the chairman of the Commodities Futures Trading Commission (CFTC), who it said had turned out to be “little more than a biased crypto cheerleader.”

Source: https://news.bitcoin.com/bitcoin-etfs-enable-the-mass-marketing-of-a-worthless-asset-to-main-street-americans-says-better-markets/

[pinggoki]

That's kind of weird to say that Better Markets claims to have their interest siding with the people but they don't seem to care too much about making the existing investment markets like stock market and bonds more accessible to your average American so it's a bit weird that now they're suddenly caring about the people because bitcoin ETF got approved by the SEC? Also, even if they say that it's not an endorsement of the US government, we still know that it is deep in our hearts that they're endorsing it, and they just don't want to directly admit it.

[cr1776]

Bitcoin ETFs Enable the ‘Mass Marketing’ of a Worthless Asset to Main Street Americans, Says Better Markets

An independent nonprofit organization ...
also claimed that BTC proponents will likely portray the approval as some kind of government endorsement of cryptocurrencies. ...

So a group that doesn't exist in the real world and survives by begging for money, not earning it, in order to get someone else to regulate everyone else while claiming something is "likely" to be an "endorsement."

What they really are: far left extremist statist authoritarians who don't believe that people are smart enough to make decisions for themselves and that they should be empowered to protect the peons.  It also helps that if they shut down bitcoin, it helps the world-wide masters who want to be able to control everyone to have no censorship resistant money and one fewer way to escape from the horrors of inflation that the same group doesn't think is a problem.  see e.g. MMT, espoused by similar groups.