SEC’s Shift in Stance on Spot Bitcoin ETF Raises Questions
Ripple’s XRP attorney, John Deaton, has commented on the recent change in tone and terminology from the U.S. Securities and Exchange Commission (SEC) regarding the spot Bitcoin ETF. Deaton suggests that SEC Chair Gary Gensler may have personal motives behind this shift in stance. While positive discussions between ETF issuers and the SEC are underway to meet regulatory requirements, it remains unclear if these adjustments will lead to the approval of a spot Bitcoin ETF in the near future.
Deaton Optimistic About SEC’s Change of Mind
John Deaton responded to a post by analyst Scott Melker regarding the SEC’s shift in tone. Deaton expressed surprise and optimism about this change, believing it could lead to the approval of a spot Bitcoin ETF soon. He emphasized the importance of regulatory clarity for investors and the overall growth of the cryptocurrency market.
“Scott is right,” says Deaton. “I’m someone who said I wouldn’t be surprised if the SEC wrote a long dissertation denying a spot Bitcoin ETF again, but this change shows they might be reconsidering.”
Gensler’s Personal Opinions Could Be Influencing His Decisions
Deaton believes that Gary Gensler’s views on cryptocurrency may still be negative, potentially associating it with illegal activities. However, he acknowledges that recent defeats in court cases and criticism from federal judges regarding the SEC’s behavior may have influenced Gensler’s position.
“I could be wrong, but I attribute it to the Court loss coupled with the Larry Fink effect,” comments Deaton.
Deaton also suggests that Gensler may prioritize institutional opinions over those of the crypto community. There is speculation that Gensler may seek career opportunities in major companies like Goldman Sachs or BlackRock after his tenure at the SEC.
Hot Take: The SEC’s Shifting Stance and Gensler’s Motives
The recent change in the SEC’s tone and terminology regarding the spot Bitcoin ETF has raised questions about Gary Gensler’s motives. Ripple’s XRP attorney, John Deaton, believes that Gensler may still hold negative views on cryptocurrency, but recent legal setbacks and criticism from judges have influenced the SEC’s position. While the potential approval of a spot Bitcoin ETF is uncertain, Deaton remains hopeful that regulatory clarity will benefit both investors and the cryptocurrency market’s growth. It remains to be seen how Gensler’s personal opinions and potential career aspirations will impact future decisions within the SEC.
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