Bitcoin Spot ETF Approval in the US Unlikely until 2024: Former SEC Official
A former SEC official, John Reed Stark, predicts that a spot Bitcoin-backed exchange-traded fund (ETF) will not be approved in the US until at least 2024. Stark believes that the current SEC will not approve a Bitcoin spot ETF application this year for various reasons. However, he suggests that the regulatory landscape for cryptocurrencies could change significantly after the upcoming US election. If a Republican is elected president, Hester Peirce, known as “Crypto Mom” for her pro-crypto stance, could become the acting Chair of the SEC. A Republican-led SEC is expected to decrease crypto-enforcement efforts and be more open to the idea of a Bitcoin spot ETF and other crypto-friendly regulatory actions.
Key Points:
- Former SEC official predicts no approval for a Bitcoin spot ETF in the US until 2024.
- Current SEC unlikely to approve a Bitcoin spot ETF this year due to various reasons.
- Regulatory changes in the crypto industry could occur after the US election.
- If a Republican is elected president, Hester Peirce could become the acting Chair of the SEC.
- Republican-led SEC is expected to decrease crypto-enforcement efforts and be more open to a Bitcoin spot ETF and other crypto-friendly regulations.
Hot Take:
The approval of a spot Bitcoin ETF in the US may still be a few years away, as predicted by a former SEC official. However, the upcoming US election could bring about significant changes in the regulatory landscape for cryptocurrencies. If a Republican is elected president, Hester Peirce, known for her pro-crypto stance, could lead the SEC and bring a more crypto-friendly approach. This could potentially open doors for a Bitcoin spot ETF and other favorable regulatory actions in the future.
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