Stark’s skepticism regarding the potential launch of cryptocurrency ETFs in the United States is evident as he points out their extreme centralization in comparison to other cryptographic inventions.
The ex-SEC official firmly believes that the approval of such investment products in the United States would bring nothing but harm to investors. In his opinion, the concept of a spot Bitcoin ETF is ludicrous and will only serve to create yet another massive scam targeting Wall Street investors, with catastrophic consequences.
“It is deeply disheartening to think that the approval of a Bitcoin spot ETF might become a defining aspect of SEC Chairman Gary Gensler’s tenure. Sadly, it seems that this notion has been completely turned on its head. Please, tell me it isn’t true, Gary,” exclaimed Stark.
Currently, the SEC is reviewing 13 applications from various companies seeking to launch spot Bitcoin ETFs. In recent weeks, the regulatory body has held meetings with several applicants to discuss necessary amendments to their proposals. The SEC has requested all final changes to be submitted by December 29, 2023.
Recently, Stark also commented on a hacker attack targeting the NFT Trader trading platform, where NFTs featuring “bored monkeys” were stolen. He firmly believes that the payment of rewards to hackers only serves to encourage their malicious activities.