According to John Reed Stark, the founder of the SEC’s Office of Internet Enforcement and former chief, a spot-based Bitcoin exchange-traded fund (ETF) may gain approval in the future due to the bipartisan political nature of crypto in the United States. Stark notes that Republicans tend to be more supportive of crypto than Democrats.
Bitcoin ETF to get the green light from the SEC
It is highly likely that a spot-based Bitcoin ETF would get the green light from the SEC if a Republican assumes the presidency in November 2024.
Given the current political climate surrounding crypto and the SEC, it is my belief that a Republican-led SEC would see a significant decrease in crypto-enforcement efforts. Instead, their focus would shift towards prosecuting fraud cases, while reducing the emphasis on charging registration violations related to crypto-trading platforms.
Additionally, a Republican-led SEC would be more open to approving a Bitcoin spot ETF and implementing other crypto-friendly regulatory measures.
According to Stark, if a Republican is victorious in the presidential race, the SEC will be divided equally between the two parties. In addition, he highlights that the pro-crypto SEC Commissioner Hester Peirce may act as the SEC Chair.
Usually, when a new president is elected, the current SEC Chair resigns, and it takes at least three to four months after Inauguration Day to fill the position.
Therefore, in the event of a Republican president, it’s highly likely that [SEC] Chair [Gary] Gensler will step down, and the senior Republican appointed SEC Commissioner (in this case, the famous ‘crypto-mom’ Hester Peirce) may take the position of acting Chair.
In other recent news, the United States government’s growing debt is a major threat to the average American family, according to the author of Rich Dad Poor Dad. Kiyosaki refers to BTC as “the people’s money” and warns that saving US dollars is a risky move.
Check out our previous article in order to learn what more the author had to say about BTC.
