Former SEC employee: Spot bitcoin ETF will not be approved

The securities regulator will not approve an ETF running on bitcoin. There are a lot of reasons for this. This was announced by the Ex-lawyer of the Commission, John Reed Stark.

What the specialist said

In his opinion, the non-profit company Better Markets has compiled brilliant arguments that relate to the reasons why the department will not approve spot bitcoin.

However, the expert believes that the situation may turn radically if a Republican wins the upcoming presidential elections. Then the commission will become more supportive of the crypto industry:

  1. There will be less use of law enforcement practice.
  2. It will focus exclusively on combating fraudulent actions.
  3. The Commission will take regulatory actions that are important for cryptocurrency companies, including the approval of bitcoin ETFs.

The expert also noted that if a Republican becomes president, the current head of the department will leave his post. The authority will be performed by Hester Pierce.

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