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Former SEC official, cybersecurity expert opines on ‘catastrophic’ spot Bitcoin ETFs

Press Releases Crypto News Crypto-News Former SEC official, cybersecurity expert opines on ‘catastrophic’ spot Bitcoin ETFs

John Reed Stark, a former investigator with the U.S. Securities and Exchange Commission (SEC), has blasted the pending approval of spot Bitcoin exchange-traded funds (ETFs), arguing vehemently against the inherent value of cryptocurrencies.

In a lengthy Jan. 7 post on social media, Stark painted a grim picture of Bitcoin (BTC) and cryptocurrencies in general, suggesting their only proven utility lies in criminal activities.

“To me, the stark reality is that the approval of a Bitcoin Spot ETF is sadly, tragically and catastrophically… another fee-suck… Ponzi scheme… masquerade,” Stark says.

See the full statement below.

A Bitcoin Spot ETF: Say it Ain’t So Gary . . .

For crypto: There’s no inherent value. There’s no cash flow. There’s no yield. There’s no employees. There’s no management. There’s no balance sheet. There’s no product. There’s no service. There’s no history of operations. There’s… pic.twitter.com/vsrg8DBZqW

— John Reed Stark (@JohnReedStark) January 7, 2024

Stark was the former chief of the SEC Office of Internet Enforcement. In his view, cryptocurrencies facilitate an array of devastating crimes and terrorism. He argued that the main beneficiaries are predominantly “grifters” and “criminals” who exploit the pseudonymous nature of cryptocurrencies to perpetrate a vast array of crimes across the globe.

Stark’s comments come amidst reports that the SEC may approve the offering and inception of a Bitcoin spot ETF as early as Jan. 10.

In his view, the approval of a Bitcoin spot ETF is yet another “fee-sucking” venture, an opportun

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Author: Julius Mutunkei

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