Bitcoin ETF Approval Will Not Occur Quickly, May Happen After 2024

A spot Bitcoin-backed exchange-traded fund (ETF) is not going to be accepted within the US till a minimum of 2024 when the election is over, in line with a former SEC official.

Writing on social media platform X this weekend, John Reed Stark, a former chief of the SEC’s Workplace of Web Enforcement, mentioned he doesn’t count on a lot to vary close to crypto enforcement motion this yr, and {that a} spot ETF approvals should wait till subsequent yr.

“My take is that the present SEC will NOT approve a bitcoin spot ETF software for a spread of compelling causes,” he wrote.

‘Crypto mother’ new performing Chair?

Regardless of the pessimism about this yr, Stark famous that subsequent yr could possibly be higher for Bitcoin and crypto proponents.

“Nevertheless, I additionally consider that the crypto-regulatory tides may shift exponentially after Election Day,” he mentioned, whereas declaring that if a Republican is elected president, probably the most senior Republican-appointed SEC Commissioner is prone to develop into performing Chair till a brand new everlasting Chair has been appointed.

Coincidentally, probably the most senior Republican on the Fee for the time being is Hester Peirce, often known as “Crypto Mother” for her pro-crypto stance.

He added {that a} Republican-led SEC is prone to take steps to considerably lower crypto-enforcement efforts on the company, and shift focus away from charging crypto exchanges with “pure registration violations.”

As well as, a Republican SEC is prone to develop into “much more receptive” to the thought of a Bitcoin spot ETF, and “much more prone to take different vital crypto-friendly regulatory actions,” Stark wrote, earlier than lastly including:

“If Hester Peirce turns into performing Chair of the SEC, given her prolonged observe document of dissent and opposition to most crypto-related SEC actions, the world ought to count on that the majority U.S. SEC crypto-related enforcement and most crypto-related SEC disruption would grind to a screeching halt.”