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The query of whether or not the United States Securities and Exchange Commission (SEC) will approve a spot Bitcoin (BTC) Exchange Traded Fund (ETF) has come up once more two months after Investment administration agency BlackRock and its counterparts submitted their purposes for the providing. 

Spot Bitcoin ETF: the Hard Take

SEC’s former Office of Internet 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 isn’t more likely to approve a spot BTC ETF attributable to some compelling causes. He claimed that some of these causes have been correctly documented by specialists from the non-partisan and nonprofit group Better Market of their August 8, 2023 SEC Comment Letters. 

Will the SEC Approve Any Of The Recent Bitcoin Spot ETF Applications?

People usually 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 vital query.

My take is that the present SEC will… pic.twitter.com/lPXebl03Y4

— John Reed Stark (@JohnReedStark) August 13, 2023

The letters in query have been written in response to the quite a few rule adjustments that have been submitted by nationwide securities exchanges to record and commerce spot BTC Exchange Traded Products (ETPs).

Republicans May Change Crypto Outlook

On the opposite hand, the previous SEC Chief believes that the trajectory of crypto regulation within the United States may 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 business.

More importantly, the SEC veteran stated the fee will “become far more receptive to approving a bitcoin spot ETF and far more likely to take other significant crypto-friendly regulatory actions.”

Having a Republican as the subsequent president could set off the resignation of Gary Gensler, the current Chair of the SEC, from the fee, per a press release from Stark. If this finally occurs, Hester Peirce, who’s well known as “Crypto Mom” within the business, may take over as performing Chair. Stark believes that this variation in management is powerful sufficient to deliver 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.

Therefore, it’s probably that approval for a spot BTC ETF will not be attainable till 2024 when the election is wrapped up.

Benjamin Godfrey is a blockchain fanatic and journalists who relish writing about the true life purposes of blockchain know-how and improvements to drive normal acceptance and worldwide integration of the rising know-how. His needs to coach folks about cryptocurrencies evokes his contributions to famend blockchain primarily based media and websites. Benjamin Godfrey is a lover of sports activities and agriculture. Follow him on Twitter, Linkedin

The introduced content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.