The possibility of a spot Bitcoin ETF gaining approval from the SEC appears unlikely, as outlined by John Reed Stark, former Chief of the Office of Internet Enforcement at the agency.
Expressing his views on X (formerly Twitter), Stark opined that the prevailing SEC administration has compelling reasons to refrain from endorsing an application for a Bitcoin spot ETF.
Stark further suggested a potential shift in approach based on political outcomes. If a Republican candidate emerges victorious in the 2024 presidential election, Stark anticipates a reduction in crypto-related enforcement activities by the SEC. This could lead to a more accommodating stance towards approving a Bitcoin spot ETF and adopting other favorable crypto-centric regulatory measures.
Intriguingly, Stark speculated on possible changes in leadership. He projected that should a Republican ascend to the presidency, the current SEC chair Gary Gensler might opt to resign. This, Stark speculated, could pave the way for Hester Peirce, colloquially known as “Crypto Mom” within the industry, to assume the role of acting chair. Stark theorized that such a scenario might result in a cessation of disruptive changes related to crypto within the SEC.
The notion of a Bitcoin ETF securing regulatory approval has remained a topic of fervent discussion within the cryptocurrency community. Stark’s insights provide an alternative perspective on the potential future dynamics surrounding this significant regulatory decision.
