Former SEC attorney John Reed Stark predicts that the Securities and Exchange Commission (SEC) will not approve a Bitcoin spot exchange-traded fund (ETF), despite filings from Wall Street giants. Stark argues that Bitcoin markets are prone to manipulation and are too concentrated. Better Markets, an organization that supports the SEC’s regulatory approach to the crypto industry, agrees with the agency’s stance against a spot ETF. Stark also speculates that a Republican-led administration after the 2024 presidential election may be more favorable towards crypto and could make it easier to obtain approval for a spot ETF. He suggests that enforcement actions pursued by the SEC would decrease under a Republican-majority agency. Stark has been known for his criticism of the crypto industry and public disputes with its participants.

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