A former high-ranking official of the U.S. Securities and Trade Fee (SEC) says {that a} attainable future occasion may end result within the seemingly approval of a spot-based Bitcoin (BTC) exchange-traded fund (ETF).
John Reed Stark, who based the SEC’s Workplace of Web Enforcement and spent 11 years as its chief, says that crypto has turn into a bi-partisan political situation in the US.
Stark believes that Republicans, generally, are extra supportive of crypto than Democrats.
He says {that a} spot-based Bitcoin ETF would seemingly get authorized by the SEC if a Republican is elected president in November 2024.
“Given the partisan divide that has developed relating to crypto, particularly on the SEC, my take is that ought to a Republican get elected US President in 2024, the slate of Republicans appointed to the SEC will seemingly:
1) Lower considerably the SEC’s crypto-enforcement efforts, in all probability submitting principally fraud instances, shifting efforts away from charging pure registration violations (such because the failure of a crypto-trading platform to register as an alternate, broker-dealer and clearing agency); and
2) Turn out to be way more receptive to approving a Bitcoin spot ETF and way more more likely to take different vital crypto-friendly regulatory actions.”
Stark says that the SEC membership will probably be cut up in half between the 2 events if a Republican wins the presidential race. He additionally says that pro-crypto SEC Commissioner Hester Peirce may turn into appearing SEC Chair.
“When any President is elected, the present SEC Chair sometimes resigns and the brand new SEC Chair place is never confirmed and stuffed till a minimum of three-four months after Inauguration Day.
Therefore, ought to a Republican get elected president, [SEC] Chair [Gary] Gensler would seemingly resign and the senior Republican appointed SEC Commissioner (on this case famed ‘crypto-mom’ Hester Peirce) might turn into appearing Chair.”
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