Former SEC Official on Donald Trump’s Changing Stance
John Reed Stark, former head of internet enforcement at the U.S. Securities and Exchange Commission (SEC), believes that former President Donald Trump could have a significant shift in his anti-crypto stance. Stark, who now heads a cybersecurity firm, stated that Trump may change his position due to the influence of crypto-voters, who are a powerful and passionate constituency.
Stark pointed out that there have been reports of Trump owning cryptocurrency, with disclosures of $2.8 million in ether (ETH) holdings. However, in the past, Trump has expressed strong opposition to cryptocurrencies, stating that they are not money and can facilitate illegal activities.
Predictions for a Republican President
Stark also made predictions regarding the potential impact of a Republican president on the crypto industry. He stated that if a Republican is elected as U.S. president, an SEC chair appointed by the Republican administration would likely approve a bitcoin exchange-traded fund (ETF) and potentially slow down enforcement efforts related to crypto at the SEC.
Last month, Stark outlined several changes that could benefit the crypto industry, including the election of a Republican president, the resignation of SEC Chairman Gary Gensler, and the appointment of “crypto mom” Hester Peirce as acting SEC Chair.
Hot Take: Will Trump Change His Tune on Crypto?
Former SEC official John Reed Stark suggests that former President Donald Trump’s anti-crypto stance may undergo a significant transformation. While Trump has previously expressed strong opposition to cryptocurrencies, Stark believes that crypto-voters could have a powerful influence on Trump’s position. Additionally, reports indicate that Trump now owns cryptocurrency himself. If a Republican is elected as U.S. president in 2024, Stark predicts that the SEC’s approach to crypto could change, with potential approval of a bitcoin ETF and a slowdown in enforcement efforts. These developments could have a substantial impact on the future of the crypto industry.
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