1. BITBILIHome
  2. Article

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

• 100 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

  • Is the $33 trillion U.S. debt all that bad? Let’s see

    Description The colossal U.S. debt, now hovering at a staggering $33 trillion, has become a defining conversation piece for many fiscal conversations. It’s a number that’s hard to grasp, often cloaked in anxiety, controversy, and divisive opinions. Every fiscal year since the turn of the millennium has witnessed the U.S. spending more than its revenue, forcing … Read more The colossal U.S. debt, now hovering at a staggering $33 trillion, has become a defining conversation piece for many fiscal conversations. It’s a number that’s hard to grasp, often cloaked in anxiety, controversy, and divisive opinions. Every fiscal year since the turn of the millennium has witnessed the U.S. spending more than its revenue, forcing the nation into the corner of borrowing. But is all this borrowing a financial apocalypse in the making, or could there be a silver lining somewhere? Debt: A Necessary Evil or a Useful Tool? Kris Mitchener, a distinguished economist at Santa Clara University’s Leavey School of Business, paints the public debt with a more nuanced brush. Mitchener suggests that borrowing, historically, has been the go-to move…

    Article 2023年9月11日

  • Gary Gensler is about to ruin the American economy

    TL;DR Breakdown Gary Gensler, current chair of the SEC, has introduced an unprecedented number of regulations, more than any chair since the 2008 financial crisis. Only 17% of Gensler’s regulations stem from congressional directives, unlike his predecessors. Description The pathway to economic stability in America is an intricate dance between free market dynamics and regulatory oversight. Often, it’s a delicate balance. Gary Gensler, the current chair of the US Securities and Exchange Commission (SEC), seems determined to upset this balance, if his recent spate of regulations is any indicator. The Avalanche of Regulations … Read more The pathway to economic stability in America is an intricate dance between free market dynamics and regulatory oversight. Often, it’s a delicate balance. Gary Gensler, the current chair of the US Securities and Exchange Commission (SEC), seems determined to upset this balance, if his recent spate of regulations is any indicator. The Avalanche of Regulations Gensler’s tenure has witnessed a bombardment of regulations unseen since the aftermath of the 2008 global financial crisis. During his first 850 days, which culminated on August 15th, Gensler…

    Article 2023年9月2日

  • Best Twitter threads of the day – May 16th

    Can ChatGPT outperform top fund managers? “ChatGPT can pick stocks better then top fund managers” – CNN So we gave it $50,000 of our own money to manage and are sharing the results here The Fund officially went live today and it’s already outperforming the $SPY Here are the set of stocks it picked🧐 pic.twitter.com/QvyUE3FXHT — The ChatGPT Fund (@chatgpttrader) May 15, 2023 For the sake of transparency here is how ChatGPT identified 20 stocks after analyzing a list of over 10,000 Via the ChatGPT API, GPT 3.5 analyzed recent stock news articles and gave each individual stock a sentiment score This resulted in a graded list of all the stocks — The ChatGPT Fund (@chatgpttrader) May 15, 2023 We then took the top 100 and married those stocks with their financial statements by introducing the prompt below By doing this we ensure ChatGPT understood both the long term financial positions + the short term sentiment of the stocks Here’s what it came up with pic.twitter.com/RtVVXaaiU8 — The ChatGPT Fund (@chatgpttrader) May 15, 2023 Introducing the GPT Fund Stock ticker…

    Article 2023年5月17日

  • Federal Reserve and SEC investigate Goldman Sachs’ actions in Silicon Valley Bank’s collapse

    TL;DR Breakdown FED and SEC team up to investigate Goldman Sachs’ over the acquisition of Silicon Valley Bank’s securities portfolio before its failure.  Goldman Sachs allegedly suggested to SVB executives that they “sell part or all of its securities portfolio” to establish the need for funds before raising capital. The Federal Reserve and Securities and Exchange Commission (SEC) are investigating Goldman Sachs for its participation in the unsuccessful capital raise and acquisition of Silicon Valley Bank’s securities portfolio before its failure. The Justice Department has issued a warrant, and the authorities are looking into possible inappropriate interactions and Goldman Sachs’ dual status as buyer and consultant. Goldman Sachs has acknowledged that it is helping with the inquiries. Justice Department subpoenas Goldman Sachs in SVB investigation Both regulatory organizations are looking into what Goldman Sachs did during the botched capital raise that preceded Silicon Valley Bank’s demise. According to The Wall Street Journal, Goldman Sachs is currently under investigation by the Federal Reserve and SEC over its role in acquiring Silicon Valley Bank’s securities portfolio before the bank’s collapse. Both agencies…

    Article 2023年6月19日

  • Latin American currencies over the week: Brazil’s inflation increases less than expected

    TL;DR Breakdown In Brazil, the real saw a 0.1% increase against the dollar as inflation came in lower than expected as Latin American currencies fell. Despite Brazil’s significant economic growth in the first half of the year, tax revenue has sharply declined. The UAE and Brazil have formed a partnership to exchange knowledge and expertise in economics through the UAE’s government experience exchange program. Description In Brazil, the real saw a 0.1% increase against the dollar as inflation came in lower than expected in August. Meanwhile, Latin American currencies experienced a decline to a three-week low this week in a volatile trading session, primarily influenced by losses in the Mexican peso. Simultaneously, the dollar maintained its six-month peak, influenced by … Read more In Brazil, the real saw a 0.1% increase against the dollar as inflation came in lower than expected in August. Meanwhile, Latin American currencies experienced a decline to a three-week low this week in a volatile trading session, primarily influenced by losses in the Mexican peso. Simultaneously, the dollar maintained its six-month peak, influenced by concerns about…

    Article 2023年9月9日
TOP