John Reed thinks that circumstances in 2024 may force the SEC chair to step down from his position. Let us see the circumstances below.
The Election Of A Republican President Could Ruin Gary Genslers Reign
According to a post on X (formerly Twitter) on August 13th, Hester Peirce could easily replace Gensler in the event that the citizens of the United States opt for a Republican President.
In the upcoming presidential elections, the candidates contesting for the seat include Donald Trump, 45th president of the USA, Ron de Santis, Florida Governor and Tim Scott, South Carolina senator. Crypto’s mom or Hester Peirce could easily get Gary’s position if one of these candidates bags the win.
He emphasized how Peirce had led with dissent and opposition when it came to matters of the enforcement of laws regarding cryptocurrencies. Going further, he went ahead to say that there was an increased rate of polarization of regulation of cryptocurrencies in the SEC and U.S. politics.
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
The Views Of The Politicians On Crypto
Most politicians were of the same opinion. Donald Trump went ahead and said that Bitcoin was valueless and he did not embrace it at all. Strangely, he held onto a large amount of Ether after he left the White House and this has sparked a lot of questions within the crypto community. Ron de Santis has vowed to guard and protect Bitcoin.
Elizabeth Warren, the Democratic Senator, has tried with all her might to trace and stop all activities regarding cryptocurrencies within the country. Reed feels that SEC will not approve the Bitcoin ETF applications unless all the politicians who have diverse views on crypto sit down and talk it out.
A Better Markets SEC Comment letter written on August 8th revealed that spot Bitcoin ETFs could easily render investors vulnerable to manipulation and theft. The contents read the spot Bitcoin ETFs had high trading volumes, were held majorly in the hands of a few actors and had a dependence on a small group of entities to maintain the Bitcoin network.
John continues to believe that the applications presented for Approval will not go through.