Possible Changes at SEC That Could Benefit Crypto Industry
In a tweet, former SEC official John Reed Stark discussed potential changes that could benefit the crypto industry, including the approval of spot bitcoin ETFs. Here are the key points:
– SEC Approval of Spot Bitcoin ETFs: Several companies, including Blackrock, are seeking SEC approval for spot bitcoin ETFs, but none have been approved yet.
– Better Markets’ Opposition: Stark referenced Better Markets, a nonprofit organization, which outlined reasons why the SEC should reject spot bitcoin ETF filings.
– Potential Shift After the 2024 U.S. Elections: Stark believes that if a Republican is elected president in 2024, the SEC could undergo changes that benefit the crypto industry.
– Decrease in Crypto-Enforcement Efforts: Under a Republican president, Stark expects the SEC’s crypto-enforcement efforts to decrease, with a focus on fraud cases rather than registration violations.
– Possibility of a Bitcoin ETF Approval: Stark anticipates that a new SEC under a Republican president would be more receptive to approving a bitcoin spot ETF and other crypto-friendly regulatory actions.
Hot Take: Stark suggests that if Hester Peirce, a Republican-appointed SEC commissioner known for her support of cryptocurrencies, becomes acting Chair of the SEC, crypto-related enforcement and disruption would likely decrease significantly. However, Stark also warned that the current SEC’s regulatory actions against crypto will continue.
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