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 prone to approve a spot BTC ETF on account of some compelling causes. He claimed that some of these causes have been correctly documented by consultants 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 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 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 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 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 might change proper after the elections. Stark is assured that if a Republican turns into the President of nation subsequent 12 months, the SEC would have a change of coronary heart in direction of the nascent cryptocurrency business.
More importantly, the SEC veteran mentioned 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 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 widely known as “Crypto Mom” within the business, might take over as appearing Chair. Stark believes that this alteration in management is powerful sufficient to carry 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 seemingly that approval for a spot BTC ETF might not be attainable till 2024 when the election is wrapped up.
The introduced content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.
