Analysts have stated that non-profit organization Better Markets has sent multiple letters to the US Securities and Exchange Commission (SEC) opposing the approval of a bitcoin spot ETF. On January 5th, Better Markets once again published an article on its official website calling for the SEC to reject the application for a bitcoin spot ETF, stating that approving the product would be a historic mistake and would cause huge losses for investors.

Dennis Kelleher, CEO of Better Markets, is a representative figure who opposes cryptocurrency and has always been critical of the virtual asset industry, calling it "essentially a predatory business model." In addition, when Kelleher worked with SEC Chairman Gary Gensler on President-elect Joe Biden's transition team in 2020, they established a close relationship. Some analysts in the industry believe that their relationship may be a variable in whether a bitcoin spot ETF can be approved.

Fox Business News reporter Eleanor Terrett stated that she does not believe Better Markets' statements will have a negative impact on the approval of a bitcoin spot ETF, but we need to pay attention to the close relationship between SEC Chairman Gary Gensler and Dennis Kelleher.