Former SEC attorney John Reed Stark wrote a lengthy post on the crypto agenda on his social media account. Stark talked about spot Bitcoin ETF applications and current politics in the post he shared from his X account. The former SEC official, who first shared his opinion on BTC ETF funds, commented that although large and reputable companies are queuing, the institution will eventually reject these applications.
To support his argument, Stark cited a letter sent by Washington-based Better Markets to the SEC.
Although Better Markets supports cryptocurrency regulations, it has some reservations. According to experts, Bitcoin is prone to market manipulation and is overly dependent on a select group. Therefore, listing a spot ETF in the US markets carries great risks.
The SEC has given the green light to ETFs in the futures markets after rejecting applications for Bitcoin ETFs since 2013. In June, the world’s largest asset manager BlackRock applied for a spot BTC fund. This news resonated in all markets. Because the SEC has only rejected one of BlackRock’s past funding applications. Considering this fact, crypto investors have raised their expectations.
The Impact of Elections on Crypto?
John Reed Stark spoke about the elections after the spot funding comment. The experienced lawyer commented that the 2024 presidential election will have an impact on crypto regulations.
Stark stated that if a Republican candidate wins the presidential election, government agencies will take a softer approach to crypto. If the Republicans infiltrate the bureaucracy, most of the sanctions are likely to be lifted.
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