Former SEC Official Reveals Insights on Spot Bitcoin ETF

John Reed Stark, a former official of the United States Securities and Exchange Commission (SEC) and a vocal critic of cryptocurrencies, has undergone a notable shift in his perspective regarding spot Bitcoin ETFs. This change is reportedly influenced by insights gleaned from internal SEC discussions.

Expressing his intrigue, Stark commented, “Fascinating. If these reports hold true, the likelihood of some version of a Spot Bitcoin ETF seems plausible.”

Spot Bitcoin ETF Skeptic Envisions a ‘Historic’ Move

Taking to X (formerly Twitter), crypto critic John Reed Stark contemplates the potential for a lasting legacy for US SEC Chair Gary Gensler, suggesting that approving a spot Bitcoin exchange-traded fund (ETF) could be the key.

Interesting. If these posts are true, some iteration of a Spot Bitcoin ETF seems likely. Precisely what the characteristics of an approved Bitcoin Spot ETF will entail remains to be seen but, under any circumstance, the legacy of SEC Chair Gary Gensler could be the approval of a… https://t.co/sGIkCZQ8OG

— John Reed Stark (@JohnReedStark) December 22, 2023

“The precise features of an approved Bitcoin Spot ETF remain uncertain. Nevertheless, irrespective of the specifics, the endorsement of a Spot Bitcoin ETF could define the legacy of SEC Chair Gary Gensler. This marks a monumental triumph for the cryptocurrency industry. Truly peculiar times we’re witnessing.”

The foundation of Stark’s assertions seems to be rooted in rumors suggesting that the Bitcoin ETF might involve cash redemptions rather than the conventional “in-kind” method. These speculations were initially circulated by Fox Business journalists Eleanor Terrett and Charles Gasparino.

🚨DOUBLE SCOOP: Sources that were on the call tell me it was to do with making sure everyone is doing cash creates. The @SECGov asked issuers to remove all hints of in-kind redemptions from their filings. https://t.co/hEjXBAHLpY

— Eleanor Terrett (@EleanorTerrett) December 21, 2023

Anticipated Trends Surrounding Approval of Spot Bitcoin ETF

Current projections suggest imminent Bitcoin price fluctuations in the wake of a potential spot Bitcoin ETF approval. As of December 20, Bloomberg reports a robust 90% likelihood of the green light for a spot Bitcoin ETF this year.

The prospect of approval has ignited discussions on the potential repercussions for Bitcoin’s market value. The speculation is rife, and stakeholders are closely monitoring the developments.

Related: Bitcoin Surges to $44K USD Alongside Strong On-Chain Signals

The approval of a spot Bitcoin ETF could mark a pivotal transformation in how institutional players navigate the cryptocurrency landscape. It opens up a regulated avenue for US companies to venture into the crypto market, drawing in significant trading entities. This influx has the potential to enhance market liquidity and contribute to evolving market dynamics.