Former SEC official: “SEC will not approve a spot Bitcoin ETF”
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Summary
- Former SEC CIO John Reed Stark said the current SEC will not approve a spot Bitcoin ETF for a number of compelling reasons.
- He said that if the Republican candidate wins next year’s U.S. presidential election, crypto-friendly policies could follow and the likelihood of approval for a spot Bitcoin ETF would increase.
- He said that if a Republican wins the presidency, Chair Gary Gensler is likely to step down, Hester Peirce could be named acting SEC chair, and the SEC’s disruption related to the crypto industry could end.
A forecast has emerged that the U.S. Securities and Exchange Commission (SEC) will not approve a spot Bitcoin (BTC) exchange-traded fund (ETF).
John Reed Stark, former chief of the SEC’s Office of Internet Enforcement (CIO), said on X (formerly Twitter) that “the SEC will not approve spot Bitcoin ETF applications at this time for a number of compelling reasons.”
He added that if the Republican candidate wins next year’s U.S. presidential election, crypto-friendly policies could follow and the likelihood of approval for a spot Bitcoin ETF would rise.
Stark said, “If the next president is a Republican, it’s highly likely that current SEC Chair Gary Gensler will step down,” adding that “crypto-friendly Hester Peirce could become acting SEC chair, and the SEC’s turmoil related to the crypto industry would come to an end.”
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