Benzinga - Former Securities and Exchange Commission (SEC) officer John Reed Stark on Sunday said that the United States’ approach to cryptocurrency enforcement could undergo a significant transformation based on the outcome of the 2024 presidential election.
What Happened: Stark believes that if a Republican candidate were to win, it could lead to a change in the regulatory landscape, including the potential resignation of SEC chief Gary Gensler.
Stark pointed out that a Republican President could bring about a shift in the SEC’s stance towards cryptocurrencies. He speculated that Gensler might step down, potentially making way for the appointment of Hester Peirce, widely known as “Crypto Mom,” who has exhibited a more crypto-friendly stance compared to other regulators.
"If Hester Peirce becomes acting Chair of the SEC, given her lengthy track record of dissent and opposition to most crypto-related SEC actions, the world should expect that most SEC crypto-related enforcement and most crypto-related SEC disruption would grind to a screeching halt," he tweeted in a long post.
Will the SEC Approve Any Of The Recent Bitcoin Spot ETF Applications?People often ask for my opinion on whether the SEC will approve any of the recent spate of bitcoin spot ETF applications, which is an interesting and important question.
My take is that the current SEC will… pic.twitter.com/lPXebl03Y4
— John Reed Stark (@JohnReedStark) August 13, 2023
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Why It Matters: Among the Republican candidates currently in consideration, former-President Donald Trump has emerged as the frontrunner, followed by Florida Governor Ron de Santis.
Stark said If a Republican is elected a president expect a significant decrease in the SEC's crypto-enforcement efforts. "Shifting efforts away from charging pure registration violations (such as the failure of a crypto-trading platform to register as an exchange, broker-dealer and clearing firm); and become far more receptive to approving a bitcoin spot ETF and far more likely to take other significant crypto-friendly regulatory actions," he tweeted.
Price Action: As of writing, apex crypto Bitcoin (CRYPTO: BTC) was trading at $29,395.80 up 0.24%, in the last 24 hours, according to Benzinga Pro.
Photo Courtesy: Shutterstock.com
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