1. BITBILIHome
  2. Article

SEC not likely to approve spot Bitcoin ETF, former SEC chief says

• 203 views

TL;DR Breakdown

  • John Reed Stark says the Securities and Exchange Commission will unlikely approve a spot Bitcoin ETF.
  • The former SEC chief, however, said that if a Republican wins the elections, the agency will reduce crypto scrutiny.

Description

The possibility of a Bitcoin exchange-traded fund (ETF) focused on spot trading gaining approval from the U.S. Securities and Exchange Commission (SEC) appears unlikely, according to John Reed Stark, the former head of the agency’s Office of Internet Enforcement. In a recent post on X, Stark expressed his belief that due to various strong justifications, … Read more

The possibility of a Bitcoin exchange-traded fund (ETF) focused on spot trading gaining approval from the U.S. Securities and Exchange Commission (SEC) appears unlikely, according to John Reed Stark, the former head of the agency’s Office of Internet Enforcement. In a recent post on X, Stark expressed his belief that due to various strong justifications, the present SEC administration is unlikely to give the green light to a Bitcoin spot ETF application.

SEC’s continued crypto scrutiny might depend on the 2024 elections

While Stark wrote that he did not see the agency approving a spot Bitcoin ETF, he mentioned that in the scenario where a Republican candidate emerges victorious in the 2024 presidential election, there is a high probability that the agency will reduce its activities related to crypto enforcement. This shift in approach could result in a more favorable attitude towards endorsing a Bitcoin spot ETF and adopting additional noteworthy crypto-supportive regulatory measures.

Furthermore, Stark contends that in the event of a Republican candidate securing the presidency, the present chair, Gary Gensler, might opt to step down from his position. That could pave the way for Hester Peirce, widely recognized as “Crypto Mom” within the field, to assume the role of acting chair. Consequently, any upheaval related to crypto within the the agency could come to an abrupt standstill.

Meanwhile, back in 2021, Ark Investment Management and 21Shares took the initiative to seek approval from the SEC for their ETF proposals. Unfortunately, their pursuit of authorization encountered an obstacle when the agency delayed their second endeavor earlier this year. Cathie Wood, the CEO of Ark Invest, said that she had foreseen this delay. She had shared her anticipation of the agency approving multiple ETF applications simultaneously, pointing out that given the similar nature of these applications, the differentiation would revolve around marketing, communication, and the conveyed message.

SEC is increasing crypto scrutiny

Lately, there has been a noticeable escalation in the SEC’s endeavors to enforce regulations within the cryptocurrency domain. Recently, the Bittrex crypto exchange reached a settlement of $24 million with the agency after facing charges in April for operating as an unregistered exchange.

Additionally, on Wednesday, the agency submitted a letter to the Southern District of New York seeking permission for an interlocutory appeal regarding the summary judgment order in the Ripple Labs case, widely interpreted as a partial defeat for the agency.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. 

文章来源于互联网:SEC not likely to approve spot Bitcoin ETF, former SEC chief says

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月14日 05:09
Next 2023年8月14日 06:24

Related articles

  • Cardano creator dispels misconceptions, denies working with Ripple

    TL;DR Breakdown Charles Hoskinson, the creator of Cardano, has denied any affiliation with Ripple and clarified that he has no ties to the company. There was confusion surrounding Hoskinson’s alleged connection to Ripple due to mistaken identity and rumours. Vitalik Buterin, the co-founder of Ethereum, had applied for an internship at Ripple in 2013 but could not participate due to visa complications. Description Cardano‘s (ADA) creator, Charles Hoskinson, recently took to Twitter to dispel rumors of a partnership with Ripple and clarify his professional background. Hoskinson emphasized that he had no affiliation with Ripple (XRP) and expressed his bewilderment at the endless stories suggesting otherwise. Furthermore, he stressed the need to differentiate himself from Ethereum co-founder Vitalik Buterin, … Read more Cardano‘s (ADA) creator, Charles Hoskinson, recently took to Twitter to dispel rumors of a partnership with Ripple and clarify his professional background. Hoskinson emphasized that he had no affiliation with Ripple (XRP) and expressed his bewilderment at the endless stories suggesting otherwise. Furthermore, he stressed the need to differentiate himself from Ethereum co-founder Vitalik Buterin, who had once applied…

    Article 2023年6月26日

  • Venture capital has a crypto obsession – See?

    Description The crypto sphere has been a roller-coaster, with highs and lows often defining its trajectory. Venture capital, the perennial chaser of potential gold mines, hasn’t lost its hunger for this digital currency arena, regardless of the fluctuating fortunes of the crypto world. The Ebb and Flow of Crypto and Venture Capital If you thought venture … Read more The crypto sphere has been a roller-coaster, with highs and lows often defining its trajectory. Venture capital, the perennial chaser of potential gold mines, hasn’t lost its hunger for this digital currency arena, regardless of the fluctuating fortunes of the crypto world. The Ebb and Flow of Crypto and Venture Capital If you thought venture capital had moved past its infatuation with crypto, you might want to reconsider. This isn’t about trending TikTok dances or viral memes; it’s about significant money being poured into an industry burgeoning with potential. Remember the 2020-22 bubble? When global economies were clawing their way out of the pandemic aftermath, venture capital was right there, fueling the crypto boom with fresh money, enticed by its seemingly…

    Article 2023年9月11日

  • XRP community buzzes as Ripple CTO explains halt of investor lockups

    TL;DR Breakdown Ripple’s CTO, David Schwartz, shared a past post outlining key points of Ripple’s vision. According to Schwartz, investor lockups involving XRP were abandoned due to their ineffectiveness. Ripple has evolved its strategies, showcasing adaptability and a willingness to explore new approaches. Description The Ripple (XRP) community recently unearthed an old post by David Schwartz, Ripple’s Chief Technology Officer (CTO). Shared by an enthusiastic member known as “RealXRPboy,” the post rekindled curiosity and ignited discussions within the crypto community. Schwartz, known for his insightful perspectives, had outlined ten key points, providing a glimpse into Ripple’s vision. Schwartz began … Read more The Ripple (XRP) community recently unearthed an old post by David Schwartz, Ripple’s Chief Technology Officer (CTO). Shared by an enthusiastic member known as “RealXRPboy,” the post rekindled curiosity and ignited discussions within the crypto community. Schwartz, known for his insightful perspectives, had outlined ten key points, providing a glimpse into Ripple’s vision. Schwartz began by stating, “Here’s how I’ve been explaining it recently,” offering a glimpse into his mindset during that era. With cautious optimism, he concluded…

    Article 2023年7月18日

  • Fed survey: Consumer inflation expectations fall across all horizons

    TL;DR Breakdown The Federal Reserve Bank of New York survey has revealed reduced inflation expectations across short, medium, and long-term horizons. At the one-year-ahead horizon, inflation expectations have shifted from 3.8% to 3.5%, while at both the three-year and five-year-ahead horizons, they have decreased from 3.0% to 2.9%. Description The July 2023 edition of the Survey of Consumer Expectations, presented by the Center for Microeconomic Data at the Federal Reserve Bank of New York, has revealed a reduction in inflation expectations across short, medium, and long-term horizons. Anticipated price increases for essential items like food, medical care, and rent within the upcoming year have … Read more The July 2023 edition of the Survey of Consumer Expectations, presented by the Center for Microeconomic Data at the Federal Reserve Bank of New York, has revealed a reduction in inflation expectations across short, medium, and long-term horizons. Anticipated price increases for essential items like food, medical care, and rent within the upcoming year have reached their lowest points since at least the beginning of 2021.  Meanwhile, confidence in the labor market outlook…

    Article 2023年8月15日

  • FTX’s draft re-organization plan stirs controversy: Creditors voice concern and demand greater involvement

    TL;DR Breakdown FTX proposes a “rebooted” offshore exchange for non-U.S. users in its draft reorganization plan. Creditors criticize the plan, demanding more engagement and threatening to reject it without input. The conflict may prolong bankruptcy proceedings, with creditors demanding a greater role. Description Failed cryptocurrency exchange FTX is attempting to navigate a complex restructuring process. A recent draft plan unveiled by the firm’s bankruptcy administrator presents a pathway toward a “rebooted” offshore exchange but has received strong opposition from creditors. The conflicting views could prolong the bankruptcy proceedings and have raised questions about the way forward. Details of … Read more Failed cryptocurrency exchange FTX is attempting to navigate a complex restructuring process. A recent draft plan unveiled by the firm’s bankruptcy administrator presents a pathway toward a “rebooted” offshore exchange but has received strong opposition from creditors. The conflicting views could prolong the bankruptcy proceedings and have raised questions about the way forward. Details of FTX’s draft plan for a “rebooted” offshore exchange FTX’s draft plan, submitted on Monday, offers an in-depth look at how the company intends to…

    Article 2023年8月2日
TOP