Objections by US-based powerful NPO BetterMarkets has put the chances of approval of the BTC spot ETF in doubt.

Attempt to halt approval

     The 19b-4 filing process for the $BTC Spot ETF has been completed; all that remains is approval. At the same time, BetterMarkets has sent a supplemental comment letter asking the SEC to deny the pending request for a Bitcoin ETP. This is now unclear what the SEC will do.

Impact of Better Markets

     BetterMarkets' CEO, Dennis Kelleher, has political links to support his views. Kelleher is very close to SEC Chairman Gary Gensler and Senator Elizabeth Warren. Kelleher and Gary both worked together on Biden's presidential transition team. Senator Warren is associated with BetterMarkets and personally supports Kelleher.

SEC v Industry or SEC & Industry ?

     Parties interested in the $BTC Spot ETF have been amending their 19b-4 filing to appease the SEC for weeks. These companies are also very confident, so they have also issued advertisements for their respective $BTC spot ETFs. Now approval will give SEC a big hand over BTC, but if SEC rejects their filing, it will bear the wrath of companies.