Former SEC official believes new US president will replace current SEC chairman but there is a catch

John Reed Stark shared his opinion on the Bitcoin spot ETF applications and confirmed that there are no changes for the Bitcoin spot ETF approval.

At present, the United States Securities Exchange Commission (SEC) is the dominant crypto regulatory body in the US. However traditional securities laws are not applicable to cryptocurrencies but still the SEC agency is trying to impose these rules forcibly. Also, around a dozen of Bitcoin spot ETF applications are on the SEC’s table & waiting to secure regulatory approval. 

On 13 Aug 2023, former SEC official John Reed Stark shared his opinion on the possibility of Bitcoin spot ETFs approval and confirmed that the SEC agency is not going to approve these applications.

“My take is that the current SEC will NOT approve a bitcoin spot ETF application for a range of compelling reasons, which the independent and objective experts at @BetterMarkets present brilliantly,” Stark said.

On the future crypto regulatory environment in the US jurisdiction, the former SEC official said that the upcoming US presidential election 2024 may bring a big change and possibly will bring a big change in the SEC leadership. 

Stark believes that the new US presidential election result will create a situation to replace the current SEC Chairman Gary Gensler with the crypto-friendly SEC Commissioner Hester Peirce. 

Stark added:

“Chair Gensler would likely resign and the senior Republican appointed SEC Commissioner (in this case famed “crypto-mom” @HesterPeirce) would possibly become acting Chair.

At the end of the discussion, Stark reminded people that all this shared information is based upon his personal opinion.

Here it is worth it to note that the majority of the US Presidential candidates are showing Bitcoin & crypto-friendly behaviour, getting votes from the crypto sector. 

Also, the current situation is not good enough in the US crypto sector and this is creating a big problem for the Crypto companies to run business, so big companies are also waiting for 2024 to get a bitcoin-friendly president as well as clear crypto rules in the country.

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