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High-Profile Crypto Critic Alters Stance on Spot Bitcoin ETF

2 mins
Updated by Bary Rahma
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In Brief

  • Stark hints at a likely Spot Bitcoin ETF, noting potential legacy significance for SEC Chair Gensler.
  • Gensler's approval of a Spot Bitcoin ETF could reshape crypto engagement, enhancing market dynamics.
  • Rumors of cash redemptions in a Bitcoin ETF stir speculation, marking a potential market-shifting development.
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Former United States Securities and Exchange Commission (SEC) official John Reed Stark, also a vocal cryptocurrency critic, attributes his shift in stance on spot Bitcoin ETFs to rumors from SEC internal calls.

“Interesting. If these posts are true, some iteration of a Spot Bitcoin ETF seems likely,” he stated.

Spot Bitcoin ETF Critic Says it Could Create a ‘Legacy’

In a post on X (formerly Twitter), crypto critic John Reed Stark highlights that US SEC Chair Gary Gensler could establish a lasting legacy by approving the spot Bitcoin exchange-traded fund (ETF).

“Precisely what the characteristics of an approved Bitcoin Spot ETF will entail remains to be seen but, under any circumstance, the legacy of SEC Chair Gary Gensler could be the approval of a Spot Bitcoin ETF. That is a mammoth victory for Big Crypto. Strange days indeed.”

The basis for his claims appear to be based on the rumour that the Bitcoin ETF would be cash redemptions as opposed to “in-kind,” as per posts by Fox Business journalists Eleanor Terrett and Charles Gasparino.

Bitcoin Price Chart 1 Month. Source: BeInCrypto
Bitcoin Price Chart 1 Month. Source: BeInCrypto

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

Ongoing Predictions for Spot Bitcoin ETF

However, several recent reports have anticipated Bitcoin price shifts after the potential approval of the Bitcoin ETF product.

On December 20, BeInCrypto reported that according to Bloomberg, the likelihood of a spot Bitcoin ETF being greenlit this year stands at 90%.

Meanwhile, the news has stirred speculation regarding how the approval could impact the value of Bitcoin.

However, approving a spot Bitcoin ETF might signify a crucial shift in how institutions engage with crypto.

This would create a regulated avenue for US companies to enter the crypto market and attract major trading firms, thereby improving market liquidity and dynamics.

Read more: How To Open a Bitcoin Account in 3 Easy Steps

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.