John Reed Stark Predicts SEC Approval of Bitcoin Spot ETF After 2024
John Reed Stark, founder and chief of the Office of Internet Enforcement at the U.S. Securities and Exchange Commission (SEC), believes that the agency will not approve any Bitcoin spot exchange-traded funds (ETFs) before 2024. Stark made this claim in response to a question about the SEC’s stance on recent Bitcoin spot ETF applications.
Key Points:
- Stark referenced a letter from Better Markets highlighting issues with spot BTC ETFs, including artificially inflated trading volumes and a concentrated market.
- Stark argues that these issues make the proposed Bitcoin ETFs vulnerable to manipulation by bad actors.
- He notes that the current SEC office is heavily influenced by Democrats but suggests that a Republican presidency could result in a more favorable regulatory environment for cryptocurrency.
- Stark speculates that if Republicans win the presidency in 2024, enforcement actions for registration breaches could decrease, and the SEC may be more open to Bitcoin ETFs.
- He predicts that Hester Pierce, a known advocate for cryptocurrencies, could become the new SEC chair, leading to a decrease in crypto-related enforcement actions.
Hot Take: John Reed Stark’s prediction that the SEC will not approve Bitcoin spot ETFs until after 2024 is significant for the crypto industry. It suggests that current regulatory concerns, such as trading volume manipulation, need to be addressed before ETF approval can occur. Additionally, Stark’s speculation about a potential shift in regulatory attitudes under a Republican presidency highlights the impact of political dynamics on crypto regulation.
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