Former SEC Official Says Gary Gensler’s Legacy Could Be the Approval of Spot Bitcoin ETF

The previous head of internet enforcement at the U.S. Securities and Exchange Commission (SEC), who was once skeptical of cryptocurrencies, now believes that the SEC is likely to approve a spot bitcoin exchange-traded fund (ETF). John Reed Stark, who currently serves as the president of cybersecurity firm John Reed Stark Consulting, stated that “the legacy of SEC Chair Gary Gensler could be the approval of a spot bitcoin ETF,” which he considers a significant victory for the crypto industry. This change in opinion comes after the SEC reportedly contacted spot bitcoin ETF applicants to discuss their filings, suggesting that the approval of such a product may be imminent. Despite his previous skepticism, Stark now recognizes the possibility of a spot bitcoin ETF being approved, although the exact characteristics of the approved ETF remain uncertain. Stark has been critical of cryptocurrencies in the past, citing concerns about market manipulation and overvaluation, and predicting a continuous regulatory crackdown on the crypto industry.