No Bitcoin spot ETF will be approved, according to former SEC chief

John Reed Stark

John Reed Stark, former head of the SEC (United States Securities and Exchange Commission), has recently expressed doubts about the possibility of the SEC giving the green light to new applications for the Bitcoin spot ETF. These statements have captured the attention of investors and enthusiasts in the crypto world.

Expert perspective and regulatory changes

Drawing on a BetterMarkets analysis, Stark mentioned in a recent tweet potential regulatory changes for exchange-traded products that focus on spot Bitcoin. The analysis, presented in the SEC Comment Letters on August 8, 2023, has been a topic of debate in the financial community.

Stark highlights that the current SEC could refrain from approving the Bitcoin spot ETF. The reasons behind this possible decision lie in the strong arguments put forward by BetterMarkets, which suggest a notable regulatory change in the post-election crypto world.

Political figures and their position on the crypto world

Interestingly, it is not just the SEC that has shown caution towards cryptocurrencies. Stark recalled that renowned political figures such as Donald Trump, Hillary Clinton and Maxine Waters have previously expressed similar concerns regarding the potential of cryptocurrencies and their perception as a threat.

SEC Beginnings in the Crypto Space

It’s vital to remember that SEC oversight of crypto got its start during the administration of Jay Clayton, the Republican-appointed SEC Chairman. The SEC’s recent decision to extend the review period for the Bitcoin spot ETF application, filed by Ark Invest, further highlights the entity’s cautious stance.

To end…

As the financial world awaits the SEC’s final decision on the Bitcoin spot ETF, Stark’s words serve as a reminder of the uncertain path this financial product could face in the United States. Only time will tell if Stark’s predictions come to fruition.