{"id":82988,"date":"2023-08-14T10:58:19","date_gmt":"2023-08-14T07:58:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82988"},"modified":"2025-09-12T08:20:55","modified_gmt":"2025-09-12T05:20:55","slug":"ex-sec-lawyer-rules-out-approval-of-spot-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ex-sec-lawyer-rules-out-approval-of-spot-bitcoin-etf\/","title":{"rendered":"Ex-SEC Lawyer Rules Out Approval of Spot Bitcoin ETF"},"content":{"rendered":"

The Commission will not approve the spot exchange-traded fund (ETF<\/a>) based on a number of weighty reasons. Former agency attorney John Reed Stark reached that conclusion.<\/p>\n

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\\\"image-505\\\"
Data: X<\/a>.<\/figcaption><\/figure>\n<\/div>\n

Stark cited the ‘brilliantly articulated’ arguments of the nonprofit organization Better Markets<\/a> on this score.<\/p>\n

In the expert’s view, the situation could be changed by the victory of a Republican Party representative in the presidential election. In that case, the agency would become much more industry-friendly:<\/p>\n

    \n
  1. The SEC would significantly scale back enforcement efforts, focusing primarily on fraud cases;<\/li>\n
  2. The Commission would become more receptive to approving spot Bitcoin ETFs and would be more likely to take other regulatory actions important to crypto firms.<\/li>\n<\/ol>\n

    In such a scenario, the current SEC chair would most likely resign, and his powers as acting chair would pass to Hester Peirce.<\/p>\n

    On June 15, BlackRock filed<\/a> with the SEC a filing for a spot Bitcoin ETF. Following the financial giant, similar requests arrived from Valkyrie<\/a>, Fidelity Investments<\/a>, WisdomTree and Invesco<\/a>.<\/p>\n

    Later the Commission rejected<\/a> all filings because they lacked sufficient information regarding the so-called joint surveillance agreement<\/a> or details of this mechanism. <\/p>\n

    Subsequently the aforementioned companies promptly submitted to the agency revised proposals<\/a>. 14 July the regulator took up<\/a> applications from BlackRock, VanEck, Invesco, Fidelity Investments and WisdomTree.<\/p>\n

    The Chicago Board Options Exchange also amended the document<\/a> for the launch of ARK 21Shares, incorporating a joint surveillance agreement to prevent fraud and market manipulation, copying part of BlackRock’s application. On August 11, the SEC extended the review<\/a> of this application. <\/p>\n

    So far the SEC has not granted any approvals for spot Bitcoin ETFs. The Commission has made an exception for similar futures-based products from ProShares<\/a> and Valkyrie Investments<\/a>.<\/p>\n

    However, Bernstein and former chairman<\/a> of the SEC Jay Clayton<\/a> assessed the prospects of a new wave of contenders as high.<\/p>\n

    ARK Invest chief Katie Wood<\/a> and Matrixport analysts<\/a> forecast a positive decision on several applications.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Commission will not approve the spot exchange-traded fund ({{AOPEN_1}}ETF{{ACLOSE_1}}) based on a number of weighty reasons. Former agency attorney John Reed Stark reached that conclusion.<\/p>\n","protected":false},"author":1,"featured_media":82989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1138,1211],"class_list":["post-82988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-opinions","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=82988"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82988\/revisions"}],"predecessor-version":[{"id":82990,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82988\/revisions\/82990"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/82989"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=82988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=82988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=82988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}