Former SEC Official: Bitcoin ETF Approval Will Not Happen Soon, Could Occur After 2024
A spot Bitcoin-backed exchange-traded fund (ETF) will not be approved in the US until at least 2024 when the election is over, according to a former SEC official.
Writing on social media platform X this weekend, John Reed Stark, a former chief of the SEC’s Office of Internet Enforcement, said he does not expect much to change with regards to crypto enforcement action this year, and that a spot ETF approvals will have to wait until next year.
“My take is that the current SEC will NOT approve a bitcoin spot ETF application for a range of compelling reasons,” he wrote.
Despite the pessimism about this year, Stark noted that next year could be better for Bitcoin and crypto proponents.
“However, I also believe that the crypto-regulatory tides could shift exponentially after Election Day,” he said, while pointing out that if a Republican is elected president, the most senior Republican-appointed SEC Commissioner is likely to become acting Chair until a new permanent Chair has been appointed.
Coincidentally, the most senior Republican on the Commission at the moment is Hester Peirce, known as “Crypto Mom” for her pro-crypto stance.
He added that a Republican-led SEC is likely to take steps to significantly decrease crypto-enforcement efforts at the agency, and shift focus away from charging crypto exchanges with “pure registration violations.”
In addition, a Republican SEC is likely to become “far more receptive” to the idea of a Bitcoin spot ETF, and “far more likely to take other significant crypto-friendly regulatory actions,” Stark wrote, before finally adding:
“If Hester Peirce becomes acting Chair of the SEC, given her lengthy track record of dissent and opposition to most crypto-related SEC actions, the world should expect that
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