Chair

Bitcoin

Gary

Spot

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 <p>The US Securities and Exchange Commission (SEC) won’t approve a spot Bitcoin ETF under current Chair Gary Gensler but a Republican victory at next year’s presidential election would usher in better times for the beleaguered crypto industry.</p> 
 <p>That’s according to former SEC enforcement lawyer John Reed Stark, who wrote in a post on social media platform X that applications for spot Bitcoin ETFs from the likes of BlackRock, Fidelity, and Ark Invest will not be approved while Gensler’s at the SEC’s helm.</p> 
 <p>“The current SEC will not approve a bitcoin spot ETF application for a range of compelling reasons,’’ he said.</p> 
 <p>Those reasons include rampant manipulation and wash trading in the spot Bitcoin market, a concentration of trading among a small number of players s, and a reliance on a small group of people to maintain Bitcoin’s network, he said, citing research by Better Markets.</p> 
 <p>“Products that pose such clear threats to investors and fail to comply with the core requirements of the law must be rejected,” said Reed Stark, &nbsp;a former attorney in the SEC’s enforcement division for 15 years.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Will the SEC Approve Any Of The Recent Bitcoin Spot ETF Applications?</p> 
  <p>People often ask for my opinion on whether the SEC will approve any of the recent spate of bitcoin spot ETF applications, which is an interesting and important question.</p> 
  <p>My take is that the current SEC will… pic.twitter.com/lPXebl03Y4</p> 
  <p>— John Reed Stark (@JohnReedStark) August 13, 2023</p> 
 </blockquote> 
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 <h3 id="better-news-ahead-for-spot-bitcoin-etf-applications">Better News Ahead for Spot Bitcoin ETF Applications</h3> 
 <p>Still, there may be better news ahead if a Republican becomes president. Should Donald Trump or another Republican candidate prevail in next year’s election, SEC Chair Gary Gensler would likely resign, Reed Stark said.</p> 
 <p>That would suggest that the senior Republican-appointed SEC commissioner Hester Peirce would probably become acting Chair, he said.</p> 
 <p>“Given her lengthy track record of dissent and opposition to most crypto-related SEC actions, the world should expect that most U.S. SEC crypto-related enforcement and most crypto-related SEC disruption would grind to a screeching halt,’’ he said. “The crypto-regulatory tides could shift exponentially after Election Day.’’</p> 
 <p>More broadly, Republicans appointed to the SEC would likely ‘’decrease significantly the SEC’s crypto-enforcement efforts,’’ be far more receptive to approving a Bitcoin spot ETF, and be far more likely to take other significant crypto-friendly regulatory actions, he said.</p> 
 <p>The November presidential election next year may be a rematch between incumbent Democratic President Joe Biden and his predecessor, Republican Donald Trump.</p> 
 <h3 id="related">Related</h3> 
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  <li>Best Bitcoin ETFs</li> 
  <li>How to Buy Bitcoin</li> 
  <li>How to Buy Bitcoin Cash</li> 
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SEC Won’t Approve Spot Bitcoin ETF But US Crypto Crackdown Will ‘Grind to a Screeching Halt’ Under This 2024 Scenario

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