Former SEC Official Predicts Delay in US Bitcoin ETF Approval Until 2024 Post-Election.
John Reed Stark, a former chief of the SEC’s Office of Internet Enforcement, recently shared his perspective on the approval timeline for a spot Bitcoin-backed exchange-traded fund (ETF) in the US. Writing on social media platform X, Stark expressed his belief that the current SEC is unlikely to approve a bitcoin spot ETF application this year due to a range of compelling reasons. He anticipates that meaningful changes in crypto enforcement actions will likely have to wait until next year.
While acknowledging the potential challenges this year, Stark emphasized that the crypto-regulatory landscape could undergo significant shifts following the Election Day, particularly if a Republican candidate wins the presidency. In such a scenario, the most senior Republican-appointed SEC Commissioner, Hester Peirce, known as “Crypto Mom” for her pro-crypto stance, is expected to play a prominent role during the transition.
Stark speculated that a Republican-led SEC is likely to reduce crypto-enforcement efforts and focus less on “pure registration violations” by crypto exchanges. Moreover, such an SEC is expected to be more receptive to the idea of a Bitcoin spot ETF and more inclined to take other notable crypto-friendly regulatory actions. This suggests that the environment for Bitcoin and crypto proponents may improve significantly in the year following the election.
