Nonprofit Better Markets wrote to SEC: Approval of Ethereum spot ETF threatens broader financial system

In its letter to the SEC, Better Markets said it criticised the Bitcoin spot ETF approved earlier by the commission, saying it allowed "the industry to sell some of its products to retail investors under the guise of legality". BetterMarkets also commented on its view of the cryptocurrency industry, saying it was rife with "fraud, scams and abuse".
The group argues that current experience with similar Bitcoin-based products explains why an Ethereum spot ETF should not be approved. Even after a Bitcoin ETF is approved, the "volatility" of the underlying asset's price justifies its volatility, which is one of the factors BetterMarkets uses to support its argument.