Former SEC chief John Reed Stark has shared insights on the likelihood of the SEC approving recent applications for Bitcoin spot ETFs, highlighting intriguing factors influencing the decision.
In a recent tweet, Stark referenced the analysis from experts at BetterMarkets, who presented their perspective in SEC Comment Letters on August 8, 2023. The analysis was regarding proposed rule changes for spot bitcoin-based exchange-traded products.
Stark says the current SEC may not approve a Bitcoin spot ETF
According to Stark, the current SEC may not approve a Bitcoin spot ETF application due to various compelling reasons outlined in BetterMarkets’ analysis. Stark emphasized the potential for a significant regulatory shift in the crypto landscape after the upcoming election.
He pointed out that there was a time when key figures from diverse political backgrounds, such as President Donald Trump, Secretary Hillary Clinton, and Congresswoman Maxine Waters, held similar concerns about crypto, viewing it as a potential threat.
Furthermore, Stark highlighted that the SEC’s initial scrutiny of the crypto space commenced during the tenure of Jay Clayton, a SEC Chair appointed by Republicans. The comment by Stark comes after the U.S. Securities and Exchange Commission (SEC) made the decision to extend the review period for the spot Bitcoin ETF application submitted by Ark Invest.