Bitcoin Spot ETF: Former SEC Chief Shares Evidence Why Approval Odds Are Slim
John Reed Stark has shared some compelling evidence suggesting that the chances of getting approval from the United States Securities Exchange and Commission (SEC) for a spot Bitcoin (BTC) Exchange Traded Fund (ETF) is slim.
More Compelling Evidence Demonstrating That the Chances for SEC Approval of a Bitcoin Spot ETF Are Slim and None (And Slim Just Left Town)
A new study offers even more proof that the crypto-marketplace is totally rigged. In fact, it seems almost axiomatic that market…
— John Reed Stark (@JohnReedStark) August 18, 2023
Stark Believes Crypto is Rigged
According to the former SEC boss, there has been proof that the digital asset market has been rigged.
“It seems almost axiomatic that market manipulation of crypto is not merely ubiquitous and tidewater, but also encouraged. Fraud not only rewarded but also taught,” Stark shared on X (formerly Twitter).
He went on to cite a report from CNBC that detailed how rampant Twitter bots were used to influence the price of cryptocurrencies including some of the tokens traded by insiders at FTX sister trading firm Alameda Research right before the collapse.
For example, Twitter owner Elon Musk talked about some altcoins which caused their prices to skyrocket by more than 50%.
Bitcoin ETF: the Illicit Activities Blemish
Stark confirmed that there is no bonafide method to value mathematical computational blather.
He went on to liken crypto analysis to a piece of clothing worn by poltergeists. Next, he highlighted the lack of a robust crypto regulatory framework, transparency, consumer protection, insurance, licensure, net capital requirements as well as any other effective user protection instrument.
The absence of these features has made the nascent industry a breeding ground for illicit activities including rug pulls, market manipulation, insider trading and so many other forms of exploitation.
Also, he believes “the cryptoverse has transformed victims into victimizers, drafting and enlisting the mammoth social media horde to serve as unwitting soldiers of fortune (without even having the decency to pay their legions any compensation or military scrip).”
Looking at his statements, Stark is totally not seeing the possibility of the regulator approving the Bitcoin spot ETF. Before now, the former SEC chief stated that the current administration of the U.S. SEC is not likely to approve a spot BTC. He is confident that a Republican has to come into power before the SEC would stop its crackdown on the nascent industry.
- Crypto Stakeholders Push Back as Banks Seek Yield Ban Provision in CLARITY Act
- Crypto ETFs Approval Faces Uncertainty as Government Shutdown Looms, Bloomberg Analyst Says
- Fed’s Hammack Backs Restrictive Policy Over Rate Cuts Amid Inflation Concerns
- Fed Governor Chris Waller Champions Stablecoins as a Tool for Cheaper Global Payments
- LBank Celebrates 10 Years With Bold Achievements and Global Expansion
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
- XRP Price Prediction: How XRP Could React After October 2025 SEC ETF Decisions
- Aster Price Prediction as US President Adds $110M Worth of Tokens to His Portfolio
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
