A former SEC lawyer believes that a Spot Bitcoin exchange-traded fund (ETF) is unlikely to be approved by the Securities and Exchange Commission (SEC). The lawyer supports arguments made by Better Markets, an organization that opposes the approval of Spot Bitcoin ETFs due to concerns about inflated trading volumes, market manipulation, and a lack of regulation. The lawyer dismisses the effectiveness of measures such as using CME Bitcoin futures as a regulated market and a surveillance-sharing agreement with Coinbase to prevent fraud and manipulation. The article also suggests that the approval of a Spot Bitcoin ETF may be more likely under a GOP-led administration in the future.

AI Sentiment: Negative