According to former Securities and Exchange Commission (SEC) chair John Reed Stark, the regulatory agency will not approve a spot bitcoin exchange-traded fund (ETF) anytime soon.
Stark’s statement comes as the SEC has once again delayed making a determination on the spot bitcoin ETF proposal submitted by ARK Invest. The agency was originally facing a deadline of August 13th but has extended the timeline to allow for more public commentary.
This marks the latest in a long line of stalls and rejections by the SEC regarding spot bitcoin ETF applications. Over the last several years, the agency has consistently pushed back decisions and eventually denied over a dozen proposals from investment firms hoping to offer the product.
The SEC has raised numerous concerns around potential approval of a spot bitcoin ETF, including worries over transparency and manipulation in bitcoin markets as well as apprehensions around bitcoin being fundamentally different from other assets.
While some analysts think the SEC will have to eventually approve a spot bitcoin ETF given bitcoin’s momentum, Clayton’s recent comments suggest the agency remains unlikely to greenlight such products soon. The wait for an SEC-sanctioned spot bitcoin ETF that allows ordinary investors easy exposure to bitcoin looks set to continue for the foreseeable future.
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