Former SEC official John Reed Stark has just lately spoken on the present developments and believes that the SEC received\u2019t approve a spot Bitcoin ETF anytime quickly. However, he believes that the tides might change submit the US Presidential Election 2024.<\/p>\n
John Reed Stark believes {that a} Republican President in 2024 would enhance the chances of a spot Bitcoin ETF approval. The former SEC official additionally cites an SEC feedback letter from Better Markets which highlights the problems with the present state of spot Bitcoin ETFs. The letter explains<\/a>:<\/p>\n <\/p>\n \u201cThe spot bitcoin markets (1) have a history of artificially inflated trading volumes due to rampant manipulation and wash trading; (2) are highly concentrated; and (3) rely on a select group of individuals and entities to maintain bitcoin\u2019s network\u201d.<\/p>\n<\/blockquote>\n Furthermore, the letter additionally provides that these attributes create important vulnerabilities in the context of a proposed spot bitcoin-based ETP, making it vulnerable to manipulation by malicious actors. The proposed rule alterations do little to successfully counteract these dangers. Relying on market surveillance mechanisms in different arenas to establish and deal with manipulation is inadequate, it provides.<\/p>\n John Reed Stark mentions that the problems regarding crypto laws have change into partisan on the SEC. Interestingly, he additionally notes that the SEC crackdown started beneath Republican-appointed SEC Chair Jay Clayton. He was the one who filed the case on Ripple simply days earlier than leaving workplace.<\/p>\n <\/p>\n <\/p>\n However, Jay Clayton now believes that the SEC ought to approve spot Bitcoin ETFs<\/a> and that the present regulation goes overboard with its regulatory stand.<\/p>\n However, if the Republican wins the US Presidency in 2024, John Reed Stark expects two attainable outcomes in this case.<\/p>\n Interestingly, he additionally predicts a state of affairs the place crypto mother Hester Pierce would be the SEC chair. \u201cIf <\/span>@HesterPeirce <\/span>becomes acting Chair of the SEC, given her lengthy track record of dissent and opposition to most crypto-related SEC actions, the world should expect that most U.S. SEC crypto-related enforcement and most crypto-related SEC disruption would grind to a screeching halt,\u201d adds<\/a> Stark.<\/p>\n Will the SEC Approve Any Of The Recent Bitcoin Spot ETF Applications?<\/p>\n People usually ask for my opinion on whether or not the SEC will approve any of the current spate of bitcoin spot ETF purposes, which is an attention-grabbing and necessary query.<\/p>\n My take is that the present SEC will\u2026 pic.twitter.com\/lPXebl03Y4<\/a><\/p>\n\n
Republican President and spot Bitcoin ETF<\/h3>\n
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