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The leading cryptocurrency Bitcoin (BTC) is currently progressing based on fundamental data rather than technical data. The U.S. Securities and Exchange Commission (SEC) is known as one of the sources of this data. Although the lawsuits filed by the SEC do not directly affect BTC, their indirect effects are felt. Now, the biggest obstacle to the rise of BTC price seems to be the expected ETF decision from the SEC.
What is the Current Status of BTC ETF?
Although the SEC has previously approved several BTC ETF applications, no spot ETF has been approved so far. While the steps taken by major institutions like BlackRock create excitement, the SEC continues to resist. One of the former officials of the SEC made statements about what could happen in this regard and addressed investors.
John Reed Stark, one of the former officials of the SEC, made a detailed statement about the subject. Stark emphasized that everything could change, especially after the upcoming elections, and stated that crypto regulations have become a multilateral and individual structure within the SEC.
SEC is Waiting for the Elections
Stark stated that in 2017, President Trump, as well as figures like Hillary Clinton and Maxine Waters, emphasized the risks of cryptocurrencies, and he underlined that this pressure came under the leadership of SEC Chairman Clayton as regulatory pressure.
According to the famous official, the decision on the ETF will remain pending and there will be no clear approval until the 2024 elections. However, if a Republican candidate is elected in this election, it is stated that the SEC’s regulatory authority will decrease and it will mainly focus on fraud cases. Stark also believes that if a Republican candidate becomes president, Hester Peirce, known as the “Crypto Mom,” could be the new chairman.
Such a change and the arrival of Peirce instead of Gensler will definitely be advantageous for the cryptocurrency sector. Stark does not expect a major change until these elections and does not see the approval of the ETF as very likely. The 2024 elections for BTC will be critical for the United States and will definitely cause many things to change.
