Bitcoin Price Prediction: Former SEC Insider Voices Concerns on BTC ETF Amidst Regulatory Gridlock
As the world of cryptocurrency continues its volatile dance, the BTC/USD pair is currently witnessing a marginal increase, showing gains of nearly 0.10% and trading at a noteworthy $29,442 as of Monday.
Amid this backdrop, recent revelations have stirred the crypto community. A former SEC official has stepped into the limelight, voicing apprehensions regarding approving Bitcoin Spot ETFs.
These concerns, deeply rooted in the current regulatory standstill and evident partisanship, bring to the fore the complexities and challenges the rapidly evolving crypto sector faces.
Former SEC official John Reed Stark predicts Bitcoin Spot ETF approvals unlikely due to regulatory partisanship, following the postponement of Cathie Wood's Ark Invest application with a potential decision pushed to 2024.
Stark, who previously worked in the SEC's internet office, cites "independent and objective experts at Better Markets" to support his viewpoint.
He anticipates a potential shift in crypto regulations following the US presidential elections, particularly if a Republican government takes over.
Stark highlights the impact of political divisions on the commission, noting that this division now extends to the cryptocurrency sphere.
Stark highlights potential benefits of a Republican presidency in 2024, such as reduced SEC scrutiny on crypto and a shift towards fraud cases over registration violations.
Moreover, Stark believes a Republican administration would be more inclined to approve a Bitcoin spot ETF and enact other favorable regulatory measures for the crypto industry.
Stark explains the need for a balanced commission, with an equal representation of political affiliations among commissioners, to bridge partisan gaps.
He points out that a
Read more on cryptonews.com
