Better Markets, a nonprofit financial organization that aims to “promote the public interest in the financial markets” and “support the financial reform of Wall Street,” has warned about the dangers of approving a spot ether exchange-traded fund (ETF) product. In a supplemental comment letter sent to the Securities and Exchange Commission (SEC), the organization criticized the commission’s earlier approval of a Bitcoin ETF, stating that this has allowed “the industry to peddle some of its products to retail investors with a veneer of legitimacy.” Better Markets also remarked on its opinion of the cryptocurrency, stating it was “plagued by fraud, scams, and abuses.”