Former United States Securities and Exchange Commission (SEC) official, John Reed Stark, who was once a vocal critic of cryptocurrency, has changed his stance on spot Bitcoin ETFs. He attributes this shift in opinion to rumors from internal SEC calls. Stark stated, “Interesting. If these posts are true, some iteration of a Spot Bitcoin ETF seems likely.”
In a post on X (formerly Twitter), Stark highlights that approving the spot Bitcoin ETF could establish a lasting legacy for US SEC Chair Gary Gensler. He believes that the approval of a Spot Bitcoin ETF would be a significant victory for the cryptocurrency industry.
Stark’s claims are based on rumors that the Bitcoin ETF would involve cash redemptions instead of “in-kind,” as reported by Fox Business journalists Eleanor Terrett and Charles Gasparino.
However, there have been several reports anticipating potential Bitcoin price shifts after the approval of the Bitcoin ETF. Bloomberg has reported that the likelihood of a spot Bitcoin ETF being approved this year stands at 90%.
The potential approval of a spot Bitcoin ETF has sparked speculation about how it could impact the value of Bitcoin. It could also signify a crucial shift in how institutions engage with cryptocurrency.
Approving a spot Bitcoin ETF could create a regulated avenue for US companies to enter the crypto market and attract major trading firms, thereby improving market liquidity and dynamics.
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