{"id":547201,"date":"2023-08-14T18:00:47","date_gmt":"2023-08-14T18:00:47","guid":{"rendered":"https:\/\/ktsl888.com\/?p=547201"},"modified":"2024-06-11T08:14:55","modified_gmt":"2024-06-11T08:14:55","slug":"former-sec-lawyer-spot-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/former-sec-lawyer-spot-bitcoin-etf\/","title":{"rendered":"Here\u2019s Why This Former SEC Lawyer Thinks A Spot Bitcoin ETF Isn\u2019t Coming"},"content":{"rendered":"

Recent comments from former SEC Attorney John Reed Stark have further dampened optimism about the regulator approving any of the pending Spot Bitcoin ETF applications<\/a>.<\/span><\/p>\n

Spot Bitcoin ETF Approval Looking More Unlikely<\/h2>\n

The United States Securities and Exchange Commission (SEC)<\/a> has continuously denied applications for a Spot Bitcoin ETF, and Stark has <\/span>suggested <\/span><\/a>that this trend isn\u2019t going to change anytime soon as the SEC will likely deny all the pending applications due to several \u201ccompelling reasons.\u201d<\/span><\/p>\n

While aligning his opinion with that of Better Markets, Stark stated that the arguments laid forward in the nonprofit\u2019s letters to the SEC \u201cbrilliantly\u201d highlighted why the SEC would not approve any of these applications.<\/span><\/p>\n

Related Reading: Want A Bitcoin Spot ETF? Then Prove BTC Is Not Manipulated, Says SEC<\/a><\/div>\n

Better Markets had, in two separate letters (<\/span>here<\/span><\/a> and <\/span>here<\/span><\/a>) dated August 8, laid out arguments why the SEC should reject the proposed rule changes by the Cboe BZX Exchange and the Nasdaq Stock Market<\/a> \u201cto list and trade shares in Spot bitcoin-based exchange-traded products (ETP).\u201d\u00a0<\/span><\/p>\n

According to them, the Spot Bitcoin market is known to show inflated trading volumes due to illicit practices like market manipulation and wash trading. They argue that the markets are highly concentrated and Bitcoin\u2019s network is maintained by a \u201cselect group of individuals and entities.\u201d All this makes any proposed Spot Bitcoin ETP susceptible to manipulation by \u201cbad actors\u201d and puts investors and the public interest at risk.\u00a0<\/span><\/p>\n

In their applications, these exchanges stated that CME Bitcoin futures, a regulated market of significant size, could provide the necessary data and insights relating to any fraud and manipulation in the Spot Bitcoin ETF market. Additionally, they had entered into a surveillance-sharing agreement with Coinbase as an extra measure to prevent fraud and market manipulation.<\/span><\/p>\n

However, Better Market has labeled these measures as \u201cwholly inadequate.\u201d They argue that the CME Bitcoin futures market is not a \u201cregulated market of significant size\u201d and the surveillance-sharing agreement with Coinbase is insufficient to prevent market manipulation.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC remains weak as market awaits SEC decision | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Is Crypto Regulation Now Political?<\/h2>\n
Stark believes that the \u201ccrypto-regulatory tides could shift exponentially\u201d once the US 2024 elections take place. He noted the political divide regarding crypto<\/a> and how this has also played out in the SEC\u2019s clampdown on the crypto industry.\u00a0<\/span><\/p>\n
Related Reading: Bitcoin-Friendly Javier Milei Wins Presidential Primaries In Argentina<\/a><\/p>\n
The SEC has been known to come on hard at several crypto firms, including two of the world\u2019s largest crypto exchanges, Binance<\/a> and Coinbase<\/a>, accusing them of securities violations. However, Stark predicts that the SEC will abandon this crypto-enforcement effort and focus more on mostly fraud cases should a Republican get elected as President next year.<\/span><\/p>\n
Although the elections are slated for November 2024 (long after the SEC might have decided on the pending Spot Bitcoin ETF applications), Stark has forecasted that a GOP-led administration could bring about the approval of a Spot Bitcoin ETF.\u00a0<\/span><\/p>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Recent comments from former SEC Attorney John Reed Stark have further dampened optimism about the regulator approving any of the pending Spot Bitcoin ETF applications. Spot Bitcoin ETF Approval Looking More Unlikely The United States Securities and Exchange Commission (SEC) has continuously denied applications for a Spot Bitcoin ETF, and Stark has suggested that this trend isn\u2019t going to change anytime soon as the SEC will likely deny all the pending applications due to several \u201ccompelling reasons.\u201d While aligning his opinion with that of Better Markets, Stark stated that the arguments laid forward in the nonprofit\u2019s letters to the SEC \u201cbrilliantly\u201d highlighted why the SEC would not approve any of these applications. Related Reading: Want A Bitcoin Spot ETF? Then Prove BTC Is Not Manipulated, Says SEC Better Markets had, in two separate letters (here and here) dated August 8, laid out arguments why the SEC should reject the proposed rule changes by the Cboe BZX Exchange and the Nasdaq Stock Market \u201cto list and trade shares in Spot bitcoin-based exchange-traded products (ETP).\u201d\u00a0 According to them, the Spot Bitcoin market is known to show inflated trading volumes due to illicit practices like market manipulation and wash trading. They argue that the markets are highly concentrated and Bitcoin\u2019s network is maintained by a \u201cselect group of individuals and entities.\u201d All this makes any proposed Spot Bitcoin ETP susceptible to manipulation by \u201cbad actors\u201d and puts investors and the public interest at risk.\u00a0 In their applications, these exchanges stated that CME Bitcoin futures, a regulated market of significant size, could provide the necessary data and insights relating to any fraud and manipulation in the Spot Bitcoin ETF market. Additionally, they had entered into a surveillance-sharing agreement with Coinbase as an extra measure to prevent fraud and market manipulation. However, Better Market has labeled these measures as \u201cwholly inadequate.\u201d They argue that the CME Bitcoin futures market is not a \u201cregulated market of significant size\u201d and the surveillance-sharing agreement with Coinbase is insufficient to prevent market manipulation. BTC remains weak as market awaits SEC decision | Source: BTCUSD on Tradingview.com Is Crypto Regulation Now Political? Stark believes that the \u201ccrypto-regulatory tides could shift exponentially\u201d once the US 2024 elections take place. He noted the political divide regarding crypto and how this has also played out in the SEC\u2019s clampdown on the crypto industry.\u00a0 Related Reading: Bitcoin-Friendly Javier Milei Wins Presidential Primaries In Argentina The SEC has been known to come on hard at several crypto firms, including two of the world\u2019s largest crypto exchanges, Binance and Coinbase, accusing them of securities violations. However, Stark predicts that the SEC will abandon this crypto-enforcement effort and focus more on mostly fraud cases should a Republican get elected as President next year. Although the elections are slated for November 2024 (long after the SEC might have decided on the pending Spot Bitcoin ETF applications), Stark has forecasted that a GOP-led administration could bring about the approval of a Spot Bitcoin ETF.\u00a0 Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":547204,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,1119,3799,84647],"class_list":["post-547201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-btc","tag-sec","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\nHere\u2019s Why This Former SEC Lawyer Thinks A Spot Bitcoin ETF Isn\u2019t Coming<\/title>\n<meta name=\"description\" content=\"SEC Attorney John Reed Stark 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here\u2019s Why This Former SEC Lawyer Thinks A Spot Bitcoin ETF Isn\u2019t Coming","url":"http:\/\/ktsl888.com\/news\/former-sec-lawyer-spot-bitcoin-etf\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/former-sec-lawyer-spot-bitcoin-etf\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/iStock-879153690.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/iStock-879153690.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin etf","btc","sec","spot bitcoin etf"],"dateCreated":"2023-08-14T18:00:47Z","datePublished":"2023-08-14T18:00:47Z","dateModified":"2024-06-11T08:14:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here\\u2019s Why This Former SEC Lawyer Thinks A Spot Bitcoin ETF Isn\\u2019t Coming\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/former-sec-lawyer-spot-bitcoin-etf\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/former-sec-lawyer-spot-bitcoin-etf\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-879153690.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-879153690.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin etf\",\"btc\",\"sec\",\"spot bitcoin etf\"],\"dateCreated\":\"2023-08-14T18:00:47Z\",\"datePublished\":\"2023-08-14T18:00:47Z\",\"dateModified\":\"2024-06-11T08:14:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/iStock-879153690.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/547201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=547201"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/547201\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/547204"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=547201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=547201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=547201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}