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 <h2 id="strong-spot-bitcoin-etf-the-hard-take-strong"><strong>Spot Bitcoin ETF: the Hard Take</strong></h2> 
 <p><span style="font-weight: 400"><a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a>’s former Office of Internet Enforcement Chief John Reed Stark shared his opinion about this possibility on X (formerly Twitter).</span></p>  
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 <p><span style="font-weight: 400">In his opinion, Stark believes that the current administration of the U.S. SEC is not likely to </span><span style="font-weight: 400">approve</span><span style="font-weight: 400"> a spot BTC ETF due to some compelling reasons. He claimed that some of these reasons have been properly documented by experts from the non-partisan and nonprofit organization Better Market in their August 8, 2023 SEC Comment Letters.&nbsp;</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Will the <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a> Approve Any Of The Recent Bitcoin Spot ETF Applications?</p> 
  <p>People often ask for my opinion on whether the <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a> will approve any of the recent spate of bitcoin spot ETF applications, which is an interesting and important question.</p>  
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  <p>My take is that the current SEC will… pic.twitter.com/lPXebl03Y4</p> 
  <p>— John Reed Stark (@JohnReedStark) August 13, 2023</p> 
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 <p></p> 
 <p><span style="font-weight: 400">The letters in question were written in response to the numerous rule changes that were submitted by national securities exchanges to list and trade spot BTC Exchange Traded Products (ETPs).</span></p> 
 <h2 id="strong-republicans-may-change-crypto-outlook-strong"><strong>Republicans May Change Crypto Outlook</strong></h2> 
 <p><span style="font-weight: 400">On the other hand, the former SEC Chief believes that the trajectory of crypto regulation in the United States could change right after the elections. Stark is confident that if a Republican becomes the President of country next year, the SEC would have a change of heart towards the nascent cryptocurrency industry.</span></p>  
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 <p><span style="font-weight: 400">More importantly, the <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a> veteran said the commission will “become far more receptive to approving a bitcoin spot ETF and far more likely to take other significant crypto-friendly regulatory actions.”</span></p> 
 <p><span style="font-weight: 400">Having a Republican as the next president may trigger the resignation of Gary Gensler, the present Chair of the <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a>, from the commission, per a statement from Stark. If this eventually happens, Hester Peirce, who is widely recognized as “Crypto Mom” in the industry, could take over as acting Chair. Stark believes that this change in leadership is strong enough to bring an end to the crypto crackdown from the <a rel="noopener noreferrer nofollow" title="SEC" href="https://thebittimes.com/tag/sec.html">SEC</a>.&nbsp;</span></p> 
 <p><span style="font-weight: 400">Stark’s stance on a Republican administration in the U.S. is somewhat supported by Ron DeSantis’s recent campaign pronouncement. The current governor of Florida and Republican presidential candidate has been affirming his </span><span style="font-weight: 400">support</span><span style="font-weight: 400"> for Bitcoin and his plan to protect the leading cryptocurrency when he wins the election.</span></p> 
 <p><span style="font-weight: 400">Therefore, it is likely that approval for a spot BTC ETF may not be possible until 2024 when the election is wrapped up.</span></p> 
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Odds of Spot Bitcoin ETF Approval Watered Down by Former SEC Chief

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