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The U.S. Securities and Exchange Commission will not approve a spot Bitcoin exchange-traded fund — at least, that’s the opinion of John Reed Stark, former Director of the agency’s Office of Internet Enforcement.
“My view is that the current SEC will NOT approve a bitcoin spot ETF application for a host of compelling reasons,” Stark wrote today on X (formerly Twitter).
However, Stark did share that if a Republican wins the White House in 2024, the SEC will likely scale down its crypto enforcement efforts and “easily approve bitcoin spot ETFs” more and more likely to take other significant regulatory actions against cryptocurrencies. ” .”
Stark also stated that if the next president is a Republican, current SEC Chairman Gary Gensler “will probably resign” and Hester Peirce — better known as the “Crypto Mom” in the industry — could become interim and “crypto-related” president. SEC disruption will stop at a high.”
The SEC has, in recent time , stepped up crypto enforcement efforts.Earlier this week, crypto exchange Bittrex settled with the agency $24 million after allegedly operating as an unregistered exchange in April.
The SEC also filed a letter with the Southern District of New York on Wednesday seeking leave to appeal the summary ruling in the Ripple Labs case — seen by many as a partial failure to the agency.
So far, the SEC has not approved any spot Bitcoin ETFs after years of trying.
In conclusion, staying updated on the Bitcoin market is crucial for informed decision-making. Our regular Bitcoin updates offer valuable insights into price movements, market trends, and regulatory shifts. Empower yourself with the knowledge to navigate the dynamic world of cryptocurrency and make sound investment choices.
