Former SEC Official Says Bitcoin (BTC) ETF Will Not Be Approved Until This Happens
A former high-ranking official of the U.S. Securities and Exchange Commission (SEC) believes that the approval of a spot-based Bitcoin exchange-traded fund (ETF) is contingent upon a future event. John Reed Stark, the founder of the SEC’s Office of Internet Enforcement, states that the political landscape in the United States will play a crucial role in the decision-making process.
Key Points:
– Crypto has become a bi-partisan political issue in the United States.
– Republicans are generally more supportive of crypto than Democrats.
– The approval of a spot-based Bitcoin ETF is likely if a Republican is elected president in 2024.
– A Republican president would lead to a decrease in the SEC’s crypto-enforcement efforts and a shift towards fraud cases.
– The SEC membership will be split in half between the two parties if a Republican wins, and Hester Peirce could become acting SEC Chair.
In conclusion, the approval of a Bitcoin ETF by the SEC is dependent on the political landscape and the election of a Republican president in 2024. If this were to occur, the SEC’s approach to crypto enforcement would change, and the likelihood of approving a Bitcoin spot ETF would increase. Hester Peirce, a pro-crypto SEC Commissioner, could potentially become acting SEC Chair in this scenario. The future of a Bitcoin ETF hinges on political factors and the appointment of key figures within the SEC.
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