It’s likely that Gary Gensler will approve a spot Bitcoin ETF, marking a big win for BTC

The former director of internet enforcement for the U.S. Securities and Exchange Commission (SEC), a crypto skeptic, now believes that the SEC is likely to approve a Bitcoin spot exchange-traded fund (ETF). 

Stark predicts SEC approval of spot Bitcoin ETF

Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark now believes that the securities regulator will approve a spot Bitcoin ETF. Stark is currently the president of cybersecurity company John Reed Stark Consulting. Stark founded and served as chief of the SEC’s Office of Internet Enforcement for 11 years, and was also an enforcement attorney for the SEC for 15 years.

This week, the SEC reportedly held a rare meeting with Bitcoin ETF applicants. Fox Business journalist Eleanor Terrett shared on social media platform X on Thursday:

“Informed sources tell me that the applicants are aiming to create with cash. The SEC has required issuers to remove all hints of in-kind redemption from their filings.”

Commenting on Terrett’s statement, Stark commented:

“Interesting. If these posts are true, it appears there will be a spot Bitcoin ETF.”

While stressing “it remains to be seen exactly what the characterization requirements of an approved spot Bitcoin ETF will be,” former SEC director of internet enforcement said:

“In any event, SEC Chairman Gary Gensler’s position may be to approve a Bitcoin spot ETF. It’s a huge win for the leading cryptocurrency. We are going through truly strange days.”

So far, Stark has remained skeptical about the SEC approving a spot Bitcoin ETF. Stark said earlier this month that “the reported 90% chance of the SEC approving a spot Bitcoin ETF” is “completely absurd,” referencing Bloomberg analysts predicting a 90% chance of the SEC approving the product Make this investment before January 10.

The former SEC official has long been a cryptocurrency skeptic. He believes that cryptocurrency prices increase for two reasons. First is “there is no regulatory oversight to prevent market manipulation” and second is “because people can sell hyped, FOMO and overpriced crypto to a “stupider”, whether the coin is overvalued or not.” He has warned repeatedly that “the regulatory onslaught will never end.” Earlier this month, he warned that the end of the Binance exchange had come.

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