Former SEC Official Saying “Ripple Will Lose”: Bitcoin ETFs Not Approved

John Reed Stark, the former head of the SEC’s Internet Restrictions Office, has claimed that the SEC will not approve a spot bitcoin ETF.

“My personal view is that the current SEC administration will not approve the Bitcoin Spot ETF Application for several compelling reasons,” Stark wrote on his X account. Used his words.

Stark suggested that if a Republican candidate wins the 2024 presidential election, the situation will change, with the SEC’s efforts to suppress crypto diminishing and spot bitcoin becoming more open to approving ETF applications. The former SEC executive also predicted that current SEC Chairman Gary Gensler would resign in the event a Republican takes the lead in the presidential race. According to Stark, Hester Pearce, known as the “Crypto Mother”, could become acting president following Gensler’s possible resignation.

“I think Ripple will lose,” he said.

Stark, who is often on the news with his anti-crypto statements, said that Ripple will lose the SEC case. had claimed. “I believe Ripple will eventually lose,” the former SEC official said in a tweet last year. He gave his statements, but after about a year, Ripple won. As is known, the court ruled that the sale of Ripple’s token, XRP, on exchanges does not constitute an investment contract.

Bitcoin ETF Filing at SEC Desk

Eight spot bitcoin ETF filings await a decision on the SEC’s desk. The SEC, which recently decided to suspend the Arc 21Shares Bitcoin ETF application, will have to delay, reject or approve seven other applications from September 2 to 4, 2023. There is a possibility of delay in these applications as well. However, the SEC will have until approximately mid-March to make a final approval or denial decision on all applications.