Spot Bitcoin ETF Approval Looking More Unlikely
Former SEC Attorney John Reed Stark has expressed doubts about the approval of any pending Spot Bitcoin ETF applications. He aligns his opinion with Better Markets, a nonprofit organization that has highlighted reasons why the SEC would likely deny these applications. Better Markets argues that the Spot Bitcoin market is susceptible to manipulation and illicit practices, making it risky for investors. They also criticize the proposed surveillance-sharing agreement with Coinbase and claim that the CME Bitcoin futures market is not sufficiently regulated.
Is Crypto Regulation Now Political?
Stark suggests that the outcome of the US 2024 elections could significantly impact crypto regulation. He points out the political divide surrounding crypto and its influence on the SEC’s approach to the industry. Stark predicts that if a Republican is elected as President, the SEC may shift its focus away from strict crypto enforcement and prioritize fraud cases instead. While the elections are scheduled for November 2024, Stark believes a GOP-led administration could potentially lead to the approval of a Spot Bitcoin ETF.
Hot Take
The comments from former SEC Attorney John Reed Stark further diminish the chances of a Spot Bitcoin ETF gaining approval. The concerns raised by Better Markets regarding market manipulation and inadequate regulatory measures seem to resonate with Stark. The political landscape and the outcome of the 2024 elections may play a significant role in shaping future crypto regulation and the likelihood of a Spot Bitcoin ETF being approved.
By
By
By
By