Former SEC Official Says Gary Gensler’s Legacy Could Be the Approval of Spot Bitcoin ETF

The U.S. Securities and Exchange Commission’s erstwhile caput of net enforcement, a crypto skeptic, present believes that the SEC is apt to o.k. a spot bitcoin exchange-traded money (ETF). He further expressed that “the bequest of SEC Chair Gary Gensler could beryllium the support of a spot bitcoin ETF,” emphasizing: “That is simply a mammoth triumph for large crypto.”

Stark Now Expects SEC to Approve Spot Bitcoin ETF

Former U.S. Securities and Exchange Commission (SEC) authoritative John Reed Stark present believes that the securities regulator is apt to o.k. a spot bitcoin exchange-traded money (ETF). Stark is presently president of cybersecurity steadfast John Reed Stark Consulting. He founded and served arsenic main of the SEC Office of Internet Enforcement for 11 years. He was besides an SEC enforcement lawyer for 15 years.

This week, the SEC reportedly made “rare” calls to spot bitcoin ETF filers regarding their applications. Fox Business writer Eleanor Terrett shared connected societal media level X Thursday: “Sources that were connected the telephone archer maine it was to bash with making definite everyone is doing currency creates. The SEC asked issuers to region each hints of in-kind redemptions from their filings.”

Commenting connected Terrett’s statement, Stark opined connected X Friday: “Interesting. If these posts are true, immoderate iteration of a spot bitcoin ETF seems likely.” While emphasizing that “Precisely what the characteristics of an approved bitcoin spot ETF volition entail remains to beryllium seen,” the erstwhile SEC net enforcement main stated:

Under immoderate circumstance, the bequest of SEC Chair Gary Gensler could beryllium the support of a spot bitcoin ETF. That is simply a mammoth triumph for large crypto. Strange days indeed.

Until now, Stark had maintained his skepticism astir the SEC approving a spot bitcoin ETF. He said earlier this period that “the reported 90% likelihood of the SEC’s support of a bitcoin spot ETF” is “absolutely absurd,” referencing Bloomberg’s analysts predicting a 90% accidental of the SEC approving this concern merchandise by Jan. 10.

The erstwhile SEC authoritative has agelong been a crypto skeptic. He believes that crypto prices spell up for two reasons. The archetypal is “because determination is nary regulatory oversight to forestall marketplace manipulation” and the 2nd is “because radical are capable to merchantability hyped, FOMO’d, and overpriced crypto to a ‘greater fool,’ whether oregon not the crypto is overvalued.” He has cautioned respective times that “crypto regulatory onslaught volition ne'er end.” Earlier this month, helium warned of the extremity of crypto speech Binance.

What bash you deliberation astir the statements by erstwhile SEC net enforcement main John Reed Stark? Let america cognize successful the comments conception below.