High-Profile Crypto Critic Alters Stance on Spot Bitcoin ETF
Former United States Securities and Exchange Commission (SEC) official John Reed Stark, who has been a vocal critic of cryptocurrencies, has recently changed his opinion on spot Bitcoin ETFs. According to rumors from SEC internal calls, Stark believes that the approval of a spot Bitcoin ETF is likely. He states, “Interesting. If these posts are true, some iteration of a Spot Bitcoin ETF seems likely.”
Spot Bitcoin ETF Critic Says it Could Create a ‘Legacy’
In a post on X (formerly Twitter), crypto critic John Reed Stark suggests that US SEC Chair Gary Gensler could establish a lasting legacy by approving the spot Bitcoin exchange-traded fund (ETF). Stark believes that the approval of a spot Bitcoin ETF would be a significant victory for the cryptocurrency industry. He states, “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 Spot Bitcoin ETF. That is a mammoth victory for Big Crypto. Strange days indeed.”
The basis for Stark’s claims appears to be the rumor that the Bitcoin ETF would involve cash redemptions instead of “in-kind” redemptions. This information was shared by Fox Business journalists Eleanor Terrett and Charles Gasparino.
Ongoing Predictions for Spot Bitcoin ETF
Several recent reports have discussed the potential approval of a Bitcoin ETF and its impact on the price of Bitcoin. According to Bloomberg, there is a 90% likelihood of a spot Bitcoin ETF being approved this year. The news has sparked speculation about how the approval could affect the value of Bitcoin. Additionally, approving a spot Bitcoin ETF could signify a shift in how institutions engage with cryptocurrencies and create a regulated avenue for US companies to enter the market.