1. BITBILIHome
  2. Article

Former SEC official’s bombshell claim on crypto’s fate after 2024 election

• 113 views

TL;DR Breakdown

  • John Reed Stark, a former chief of the SEC Office of Internet Enforcement, took to Twitter on August 13 to postulate that the regulatory landscape for cryptocurrencies could undergo a substantial transformation if a Republican candidate were to secure the presidency.
  • Stark underscored the deepening divide within the SEC and broader US political landscape when it comes to cryptocurrency regulation.

Description

A dramatic shift in the approach to cryptocurrency enforcement by the United States securities regulator, the SEC, might be on the horizon, contingent upon the outcome of the crucial 2024 US election, according to statements by former SEC official John Reed Stark. Stark, a former chief of the SEC Office of Internet Enforcement, took to … Read more

A dramatic shift in the approach to cryptocurrency enforcement by the United States securities regulator, the SEC, might be on the horizon, contingent upon the outcome of the crucial 2024 US election, according to statements by former SEC official John Reed Stark.

Stark, a former chief of the SEC Office of Internet Enforcement, took to Twitter on August 13 to postulate that the regulatory landscape for cryptocurrencies could undergo a substantial transformation if a Republican candidate were to secure the presidency. This hypothetical scenario, he asserted, could lead to significant changes, potentially including the appointment of Commissioner Hester Peirce, often dubbed “Crypto Mom,” as the new chairperson of the agency, replacing the current head, Gary Gensler.

The spectrum of potential Republican candidates is currently wide, with former President Donald Trump emerging as a frontrunner in terms of popularity among Republican voters. Trailing behind Trump are figures like Florida Governor Ron de Santis and South Carolina Senator Tim Scott. Stark suggested that in the event of a Republican victory, Commissioner Peirce might be positioned to ascend to the helm of the SEC. Peirce, known for her inclination towards crypto-friendly stances, has frequently voiced dissent and reservations about several crypto-related regulatory measures.

Stark speculated that such a transition could yield substantial consequences. He envisioned a scenario where the enforcement actions and disruptive maneuvers related to crypto by the SEC would experience a marked slowdown under Peirce’s leadership. Stark underscored the deepening divide between the SEC and the broader US political landscape when it comes to cryptocurrency regulation.

SEC’s cryptocurrency future hangs in the balance

He pointed out the evolution of viewpoints over the years. Back in 2017, the consensus spanned a variety of political figures, including President Donald Trump, Secretary Hillary Clinton, and Congresswoman Maxine Waters, who all expressed concerns about crypto’s potential risks. Fast forward to today, and the cryptocurrency matter has become increasingly polarized. Republican candidate Ron de Santis, for instance, expressed his intention to safeguard Bitcoin while also pledging to ban central bank digital currencies if elected as President.

On the opposing side, Democratic Senator Elizabeth Warren has undertaken a series of concerted efforts to tighten the screws on all forms of cryptocurrency within the country. She has even formed what she terms an “anti-crypto army” as part of her Senate re-election campaign.

Stark highlighted that until a Republican administration takes office, the SEC’s stance towards cryptocurrencies is unlikely to become more favorable. He predicted that the regulator will continue rejecting existing spot Bitcoin exchange-traded fund (ETF) applications, providing a range of compelling justifications.

Citing a comment letter from Better Markets submitted on August 8, Stark pointed out the concerns raised about spot Bitcoin markets, which have a history of potentially inflated trading volumes, considerable concentration in the hands of a few entities, and reliance on a select group to maintain the Bitcoin network. This situation, as per the letter, exposes investors to the risk of manipulation.

Despite notable entities from traditional finance such as BlackRock and Fidelity filing applications for spot Bitcoin ETF products, Stark opined that the SEC is likely to turn down all pending applications.

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 decision.

文章来源于互联网:Former SEC official’s bombshell claim on crypto’s fate after 2024 election

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15日 00:58
Next 2023年8月15日 01:48

Related articles

  • Bank of Japan board member sees inflation goal in sight, policy shifts loom

    TL;DR Breakdown According to board member Naoki Tamura, the BOJ’s inflation goal is “clearly in sight,”  Tamura says that the BOJ must maintain low rates and carefully analyze wage and price data before making policy adjustments. Description Japan’s inflation is “clearly in sight” with the central bank’s target, board member Naoki Tamura has highlighted, which suggests a potential discontinuation of negative interest rates at the beginning of the year. The statement marks the most explicit indication thus far from a Bank of Japan (BOJ) policymaker that increasing inflation and wages might prompt … Read more Japan’s inflation is “clearly in sight” with the central bank’s target, board member Naoki Tamura has highlighted, which suggests a potential discontinuation of negative interest rates at the beginning of the year. The statement marks the most explicit indication thus far from a Bank of Japan (BOJ) policymaker that increasing inflation and wages might prompt the bank to adopt more assertive measures in gradually reducing its unconventional stimulus efforts. Bank of Japan pledges to maintain interest rate low Approximately ten years have passed since the…

    Article 2023年8月30日

  • Crackdown on DAOs in China: A Closer Look at the Legal Implications

    TL;DR Breakdown Several core members of a well-known Decentralized Autonomous Organization in China have been arrested for issuing tokens within the DAO and incentivizing members, leading to a police investigation. Liu Honglin, the founder of the ManKun Law Firm, identifies two main areas of potential criminal legal risk for DAOs in China: illegal issuance of securities or illegal fundraising during the fundraising phase, and pyramid selling due to the structure of some DAOs.   Description In a recent development, several core members of a well-known Decentralized Autonomous Organization (DAO) in China have been arrested. The news, shared by the Twitter account (@wublockchain12), indicates that this could be the first instance of a Decentralized Autonomous Organization being implicated in criminal activity within the country. The members were arrested for issuing tokens … Read more In a recent development, several core members of a well-known Decentralized Autonomous Organization (DAO) in China have been arrested. The news, shared by the Twitter account (@wublockchain12), indicates that this could be the first instance of a Decentralized Autonomous Organization being implicated in criminal activity within the…

    Article 2023年7月30日

  • Researchers expose flaws in EU’s AI guidelines

    TL;DR Breakdown Stanford University researchers indicate major tech companies, including OpenAI, Meta, and Google, may not comply with the EU’s draft AI guidelines. The study focuses on the industry’s potential violation of copyright laws, as many AI tools use copyrighted content for training. Under the EU’s AI Act proposals, AI tool developers must disclose AI-generated content and summarize copyrighted data used in training. Description A recent investigation conducted by Stanford University researchers reveals that major tech companies, including OpenAI, the creators of ChatGPT, Meta (previously Facebook), and Google, might face conflicts with the EU’s draft regulations concerning the deployment and usage of artificial intelligence (AI). EU’s AI regulation drama The Stanford research study, led by AI researcher Rishi Bommasani, … Read more A recent investigation conducted by Stanford University researchers reveals that major tech companies, including OpenAI, the creators of ChatGPT, Meta (previously Facebook), and Google, might face conflicts with the EU’s draft regulations concerning the deployment and usage of artificial intelligence (AI). EU’s AI regulation drama The Stanford research study, led by AI researcher Rishi Bommasani, uncovers a brewing…

    Article 2023年6月27日

  • Aptos Price Analysis: Bearish Sentiment Prevails, Resistance at $9.21

    TL;DR Breakdown The Aptos price analysis is bearish. Resistance for APT/USD is present at $9.21. Support for APT is present at $8.30. The Aptos price analysis reflects a bearish sentiment today, with the coin undergoing a slight correction. While the bulls have performed well in the past week, there have been some minor corrections, including the current one, which has interrupted their upward momentum. The overall trend is bearish, as prices have been decreasing since the beginning of the trading session. The next support level for APT is located at $8.30, although there is a possibility of an earlier bullish resurgence before reaching that point. APT/USD 1-day price chart: APT records three percent growth despite today’s negative sentiment Today’s 1-day Aptos price analysis reveals a bearish trend, with the price experiencing a decline after a recent period of bullish movement. Currently trading at $8.68, the coin still shows a 3 percent gain in value over the last 24 hours, and the crypto pair has also recorded a 4.15 percent increase in value over the past week. The trading volume has…

    Article 2023年5月19日

  • U.S. court rejects Binance’s request to restrain SEC’s press releases

    TL;DR Breakdown Federal Judge Amy Berman Jackson rejects Binance’s request to limit SEC’s press releases. Binance’s complaint against the SEC’s alleged misleading statements is dismissed. The lawsuit between Binance and the SEC continues, with Binance given until September 21 to respond to the allegations.   Description U.S. District Court Judge Amy Berman Jackson dismissed a motion from Binance.US, Binance Holdings Limited, and CEO Changpeng “CZ” Zhao, seeking to curtail the Securities and Exchange Commission’s (SEC) language use in its press releases about the ongoing case against the crypto exchange giant​. Binance’s legal team argued that the SEC’s public pronouncements about the … Read more U.S. District Court Judge Amy Berman Jackson dismissed a motion from Binance.US, Binance Holdings Limited, and CEO Changpeng “CZ” Zhao, seeking to curtail the Securities and Exchange Commission’s (SEC) language use in its press releases about the ongoing case against the crypto exchange giant​. Binance’s legal team argued that the SEC’s public pronouncements about the company’s handling of customer assets were not only misleading but could also prejudice the jury pool and cause undue market confusion​….

    Article 2023年6月29日
TOP