The Securities and Exchange Commission (SEC) is unlikely to relent in its opposition to exchange traded funds in Bitcoin spot markets, despite filings from high-profile Wall Street giants, according to former SEC attorney John Reed Stark. 

“My take is that the current SEC will not approve a bitcoin spot ETF application for a range of compelling reasons,” said Stark, who formerly headed the SEC’s Office of Internet Enforcement, in a Sunday post on Twitter. 

To support his argument, Stark referred to a comment letter to the SEC from the Washington-based nonprofit Better Markets that urged the agency to reject a proposed rule change that would make it easier to list shares from a Bitcoin ETF. 

Better Markets, which has frequently backed the SEC’s approach to regulating the crypto industry, echoed much of the agency’s previous stances against a spot ETF, arguing that Bitcoin markets were prone to market manipulation, are too concentrated, and “overly reliant on a select group of individuals and entities to maintain bitcoin’s network.”

Since 2013, the SEC has blocked applications for a Bitco

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Author: Nicholas Morgan

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