The U.S. Securities and Exchange Commission will not approve a spot Bitcoin Exchange-Traded Fund (ETF), according to former SEC attorney John Reed Stark.
“My take is that the current SEC will not approve a bitcoin spot ETF application for a range of compelling reasons,” tweeted Stark, who formerly headed the SEC’s Office of Internet Enforcement.
Stark quoted a comment letter to the SEC from the Washington-based nonprofit Better Markets in his post, which can support his argument. That letter had urged the agency to reject a proposed rule change that would make it easier to list shares in a Bitcoin ETF.
Furthermore, Strak referred that if the Republicans win the White House in 2024, then the SEC will be far more receptive to approving a Bitcoin spot ETF and become significantly more crypto-friendly.
In addition, there will be a “Decrease significantly the SEC’s crypto-enforcement efforts, probably filing mostly fraud cases, shifting efforts away from charging pure registration violations.”
If a Republican wins in the next presidential election, then Gery Gensler “would likely resign,” and the “Crypto Mom” of the industry, Hester Peirce, can become acting chair, as commented by the Stark, and “most crypto-related SEC disruption would grind to a screeching halt.”
Also Read: Cathie Wood: SEC Will Allow Multiple Bitcoin ETFs Simultaneously
