- Former SEC chief shares his take on the SEC’s verdict on Bitcoin Spot ETFs.
- Stark’s says that it is unlikely for the SEC to approve Bitcoin Spot ETFs.
- He also predicts a republican win causing crypto activities to slow down in the USA.
Former Chief of SEC Office of Internet Enforcement shares his take on how the SEC may make its approach towards the Bitcoin Spot ETF applications. Specifically, John Reed Start, goes on to provide an insightful perspective on the matter.
In detail, Stark asserts that the current SEC is unlikely to approve such applications due to several compelling reasons. Stark cites an insightful analysis provided by independent experts at Better Markets in their SEC Comment Letters dated August 8, 2023.
In particular, these letters detail responses to various proposed rule changes by national securities exchanges to list and trade shares in spot bitcoin-based exchange-traded products.
To highlight, Stark acknowledges that the partisan nature of crypto regulation has intensified within the SEC, a shift that starkly contrasts with the non-partisan stance when he began observing the sector in 2017.
Furthermore, he notes that crypto’s alignment with political lines has been unexpected and mentions that even notable figures like President Donald Trump, Secretary Hillary Clinton, and Congresswoman Maxine Waters all shared similar concerns about the crypto landscape during that period.
Speculating on the influence of future political shifts, Stark suggests that the crypto-regulatory landscape could change drastically post-Election Day. He predicts that a Republican win in the 2024 U.S. Presidential Election could lead to a reduction in the SEC’s crypto-enforcement actions and a more crypto-friendly regulatory environment.
Furthermore, Stark delves into the implications of Hester Pierce potentially becoming acting Chair of the SEC in case of a Republican victory. Given Pierce’s historical dissent and opposition to numerous crypto-related SEC actions, Stark anticipates a significant slowdown in crypto-related enforcement and disruption should she assume this role.
In the backdrop of these analyses, the crypto community awaits the SEC’s decision on the bitcoin spot ETF applications. As experts continue to debate the potential outcomes, stakeholders remain attuned to both regulatory developments and the political landscape, recognizing the dynamic nature of crypto regulation in the U.S.
