- Former SEC chief John Reed Stark predicts that the current SEC may not greenlight the recent Bitcoin spot ETF applications.
- The SEC’s stance on crypto regulation has become increasingly influenced by political partisanship.
In a riveting revelation on Twitter, John Reed Stark, the ex-chief of the SEC, brings attention to the burning question: Will the SEC approve the recent surge in Bitcoin spot ETF applications? Stark draws attention to the in-depth analysis presented by the team at BetterMarkets in their August 8, 2023, SEC Comment Letters. These letters were in response to rule change proposals for spot bitcoin-centric exchange-traded products.
Will the SEC Approve Any Of The Recent Bitcoin Spot ETF Applications?
People often ask for my opinion on whether the SEC will approve any of the recent spate of bitcoin spot ETF applications, which is an interesting and important question.
My take is that the current SEC will… pic.twitter.com/lPXebl03Y4
— John Reed Stark (@JohnReedStark) August 13, 2023
Reasons Behind Potential Non-Approval
Citing this analysis, Stark believes that the current SEC might sidestep the approval of a Bitcoin spot ETF due to a myriad of solid reasons. A key point is the probable change in regulatory dynamics concerning crypto after the imminent elections. It’s a noteworthy mention that significant political figures from varied backgrounds had once viewed cryptocurrency as a potential menace.
Crypto: From Neutrality to Partisanship
Diving deeper into the crypto-regulatory landscape, Stark recalls a time when cryptocurrency was not a bone of contention politically. Astonishingly, leaders like President Donald Trump, Secretary Hillary Clinton, and Congresswoman Maxine Waters once shared the sentiment that crypto was a looming peril, casting a dark shadow over the financial realm.
A Brief Historical Glimpse
It’s essential to remember that the SEC’s initial probing into the cryptocurrency domain began during Jay Clayton’s tenure. Clayton was the SEC Chair nominated by the Republican party. This historical backdrop offers context, especially since the SEC has recently chosen to elongate the review timeframe for the Bitcoin ETF proposal made by Ark Invest.
Recent Developments: An Extended Decision Timeframe
Tapping into the freshest updates, another tweet from @TheRobynHD stresses that the SEC’s final call on Ark Invest’s Bitcoin Spot ETF request is eagerly anticipated. While the SEC has the choices of either prolonging the decision, granting approval, or declining it, the crypto world awaits this decision with bated breath.
Sonntag ist Stichtag, bis dahin muss die SEC eine Entscheidung über den #Bitcoin Spot ETF Antrag von ARKInvest treffen.
Die SEC kann ihre Entscheidung entweder verschieben, den ETF genehmigen oder ihn ablehnen.
Es ist relativ unwahrscheinlich, dass die Entscheidung am… pic.twitter.com/cQArHkpaTp
— RobynHD (@TheRobynHD) August 11, 2023
