Non-profit organization Better Markets has called on the US Securities and Exchange Commission (SEC) to reject spot bitcoin ETF applications, citing concerns about market manipulation and the involvement of Coinbase. Better Markets argued that relying on Coinbase for market surveillance would be of little value, as only a small portion of global spot bitcoin trading occurs on the platform. The organization also highlighted that Coinbase is not registered with the SEC or the Commodity Futures Trading Commission and mentioned its legal issues with the SEC. The SEC has received numerous applications for spot bitcoin ETFs in recent months, but Better Markets believes that the crypto industry benefits criminals and facilitates illegal activities such as ransomware and money laundering.

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