The query of whether or not the US Securities and Alternate Fee (SEC) will approve a spot Bitcoin (BTC) Alternate Traded Fund (ETF) has come up once more two months after Funding administration agency BlackRock and its counterparts submitted their purposes for the providing.
Spot Bitcoin ETF: the Exhausting Take
SEC’s former Workplace of Web Enforcement Chief John Reed Stark shared his opinion about this risk on X (previously Twitter).
In his opinion, Stark believes that the present administration of the U.S. SEC just isn’t more likely to approve a spot BTC ETF on account of some compelling causes. He claimed that a few of these causes have been correctly documented by specialists from the non-partisan and nonprofit group Higher Market of their August 8, 2023 SEC Remark Letters.
Will the SEC Approve Any Of The Latest Bitcoin Spot ETF Functions?
Individuals typically ask for my opinion on whether or not the SEC will approve any of the latest spate of bitcoin spot ETF purposes, which is an attention-grabbing and essential query.
My take is that the present SEC will… pic.twitter.com/lPXebl03Y4
— John Reed Stark (@JohnReedStark) August 13, 2023
The letters in query had been written in response to the quite a few rule modifications that had been submitted by nationwide securities exchanges to checklist and commerce spot BTC Alternate Traded Merchandise (ETPs).
Republicans Could Change Crypto Outlook
However, the previous SEC Chief believes that the trajectory of crypto regulation in the US might change proper after the elections. Stark is assured that if a Republican turns into the President of nation subsequent yr, the SEC would have a change of coronary heart in the direction of the nascent cryptocurrency trade.
Extra importantly, the SEC veteran mentioned the fee will “turn out to be way more receptive to approving a bitcoin spot ETF and way more more likely to take different vital crypto-friendly regulatory actions.”
Having a Republican as the following president might set off the resignation of Gary Gensler, the current Chair of the SEC, from the fee, per a press release from Stark. If this ultimately occurs, Hester Peirce, who’s well known as “Crypto Mother” within the trade, might take over as appearing Chair. Stark believes that this variation in management is powerful sufficient to convey an finish to the crypto crackdown from the SEC.
Stark’s stance on a Republican administration within the U.S. is considerably supported by Ron DeSantis’s latest marketing campaign pronouncement. The present governor of Florida and Republican presidential candidate has been affirming his support for Bitcoin and his plan to guard the main cryptocurrency when he wins the election.
Due to this fact, it’s doubtless that approval for a spot BTC ETF will not be doable till 2024 when the election is wrapped up.
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