A former senior Securities and Exchange Commission (SEC) official says a possible future event could likely result in the approval of a Bitcoin (BTC) exchange-traded spot fund (ETF).
John Reed Stark, who founded the SEC’s Office of Internet Enforcement and served as its chief for 11 years, says crypto has become a bipartisan political issue in the United States.
Stark believes Republicans are generally more supportive of cryptocurrencies than Democrats.
He says a spot-based Bitcoin ETF would likely be approved by the SEC if a Republican were elected president in November 2024.
“Given the partisan divide that has developed regarding crypto, particularly at the SEC, I suspect that should a Republican be elected US President in 2024, the list of Republicans appointed to the SEC is likely :
1) Significantly reduce the SEC’s cryptocurrency enforcement efforts, likely filing primarily fraud cases and shifting away from indictments for pure registration violations (e.g., a crypto trading platform’s failure to register as an exchange, broker-dealer, and clearing house). to register); And
2) Become far more receptive to Bitcoin spot ETF approval and more likely to take other key crypto-friendly regulatory actions.”
Stark says that if a Republican wins the presidential race, SEC membership will be split in half between the two parties. He also says that pro-crypto SEC commissioner Hester Peirce could become acting SEC chair.
“When a president is elected, the current SEC chairman typically steps down and the new position of SEC chairman is rarely confirmed and filled until at least three to four months after the inauguration date.
So if a Republican were elected President, [SEC] Chair [Gary] Gensler would likely resign, and the Republican-appointed senior SEC commissioner (in this case, famed “crypto mother” Hester Peirce) would potentially become incumbent chairperson.”
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