John Reed Stark has shared some compelling proof suggesting that the possibilities of getting approval from the United States Securities Exchange and Commission (SEC) for a spot Bitcoin (BTC) Exchange Traded Fund (ETF) is slim.
More Compelling Evidence Demonstrating That the Chances for SEC Approval of a Bitcoin Spot ETF Are Slim and None (And Slim Just Left Town)
A brand new research affords much more proof that the crypto-marketplace is completely rigged. In reality, it appears virtually axiomatic that market…
— John Reed Stark (@JohnReedStark) August 18, 2023
Stark Believes Crypto is Rigged
According to the previous SEC boss, there was proof that the digital asset market has been rigged.
“It seems almost axiomatic that market manipulation of crypto is not merely ubiquitous and tidewater, but also encouraged. Fraud not only rewarded but also taught,” Stark shared on X (previously Twitter).
He went on to quote a report from CNBC that detailed how rampant Twitter bots have been used to affect the worth of cryptocurrencies together with among the tokens traded by insiders at FTX sister buying and selling agency Alameda Research proper earlier than the collapse.
For instance, Twitter proprietor Elon Musk talked about some altcoins which brought about their costs to skyrocket by greater than 50%.
Bitcoin ETF: the Illicit Activities Blemish
Stark confirmed that there is no such thing as a bonafide methodology to worth mathematical computational blather.
He went on to liken crypto evaluation to a bit of clothes worn by poltergeists. Next, he highlighted the shortage of a strong crypto regulatory framework, transparency, client safety, insurance coverage, licensure, web capital necessities in addition to another efficient person safety instrument.
The absence of those options has made the nascent trade a breeding floor for illicit actions together with rug pulls, market manipulation, insider buying and selling and so many different types of exploitation.
Also, he believes “the cryptoverse has transformed victims into victimizers, drafting and enlisting the mammoth social media horde to serve as unwitting soldiers of fortune (without even having the decency to pay their legions any compensation or military scrip).”
Looking at his statements, Stark is completely not seeing the opportunity of the regulator approving the Bitcoin spot ETF. Before now, the previous SEC chief acknowledged that the present administration of the U.S. SEC is not more likely to approve a spot BTC. He is assured {that a} Republican has to return into energy earlier than the SEC would cease its crackdown on the nascent trade.
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