By Tom Blitzer
Key Insights:
- Stark sees bleak chances for spot Bitcoin ETF approval under the current SEC regime.
- GOP election win could pivot the SEC towards crypto-friendly regulations.
- “Crypto Mom” Hester Peirce’s leadership could soften the SEC’s crypto stance.
Following recent submissions by firms like BlackRock for spot Bitcoin ETF offerings, attention has shifted to the United States Securities and Exchange Commission (SEC). The SEC’s former Office of Internet Enforcement Chief, John Reed Stark, has indicated that the likelihood of approval is low.
During a session on X (formerly Twitter), Stark opined about the slim chances of the current SEC administration giving the green light to a spot Bitcoin ETF. He anchored his viewpoint on solid reasons. Significantly, some of these concerns were highlighted in the August 8, 2023, SEC Comment Letters, penned by experts from the neutral, nonprofit entity Better Market. These letters addressed the rule amendments national securities exchanges proposed regarding listing and trading spot Bitcoin Exchange Traded Products (ETPs).
Stark Foresees Political Shift Impacting Crypto
However, Stark’s view on the SEC’s present stance carries an exciting twist. He’s confident that the political winds might change the cryptocurrency domain favorably. Specifically, if the Republicans secure the presidential seat in the upcoming elections, Stark believes the crypto landscape will shift dramatically. Consequently, the SEC may become more open to a spot BTC ETF. Additionally, it may even roll out other crypto-friendly regulatory measures.
Moreover, if the Republicans win, the present SEC Chair, Gary Gensler, might consider stepping down. In such a scenario, the crypto community might find a ray of hope in Hester Peirce, affectionately called “Crypto Mom,” within industry circles. Stark anticipates that a leadership shift to Peirce could effectively curtail the SEC’s strict stance on cryptocurrencies.
DeSantis’s Support Bolsters Stark’s Crypto Forecast
Besides, the pro-crypto sentiments echoed by Ron DeSantis, the current Florida Governor, and a Republican presidential contender, lend weight to Stark’s predictions. DeSantis has been vocal about his support for Bitcoin and has even hinted at protective measures for the premier cryptocurrency, should he clinch the election win.
Hence, patience might be the game for those eagerly awaiting the SEC’s nod for a spot in BTC ETF until 2024’s election outcomes are clear.
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