What Happened: Only days after warning that regulatory approval of Bitcoin ETFs would be an "absolutely criminal move," Kelleher said it would "unleash crypto predators on tens of millions of investors and retirees."
Kellerher's statement reaffirms his views that Bitcoin is a "worthless, volatile, and fraud-filled financial product" and "the preferred product of speculators, gamblers, predators, and criminals."
It will "continue to be cesspools of fraud, manipulation, and criminality" because "there is and will be no effective cop on the Bitcoin beat."
Kelleher warns that the CFTC is understaffed and ill-equipped to effectively regulate crypto. He also forecasts this decision to "dramatically increase the risk of systemic crashes and bailouts."
The Better Markets CEO concludes that it "will almost certainly lead to a crypto bust with likely crashes, contagion and worse."
JPMorgan Chase & Co. CEO Jamie Dimon has been striking a very similar note, saying Bitcoin has "no value" and listed "sex trafficking, tax avoidance, anti-money laundering, terrorism financing" as its use cases.
Price Action: The market seems less than impressed by critics' repeated warnings, with Bitcoin trading 4.1% higher and surging past $48,000 over the last 24 hours. Crypto-related stocks are rallying as well.
Also Read: Peter Schiff Says Spot Bitcoin Approval Means 'Eleven More Ways For Speculators To Place Their Bets'
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