John Reed Stark, founder and chief of the Office of Internet Enforcement at the U.S. Securities and Exchange Commission (SEC), believes that the agency will not approve a Bitcoin spot ETF before 2024. In a post on social media platform X, Stark expressed concerns about weaknesses in proposed Bitcoin-based ETFs that could be exploited by bad actors. He also mentioned that crypto regulation has become more partisan, with the current SEC office leaning towards Democrats. However, Stark suggested that the agency’s stance could change after Election Day, potentially leading to more favorable conditions for cryptocurrency if a Republican president is elected. If Republicans win the presidency in 2024, Stark expects reduced enforcement actions for registration breaches and increased openness towards crypto investment instruments like Bitcoin ETFs.
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