Former SEC official John Reed Stark says the chances of the SEC approving a spot Bitcoin ETF are ‘slim to none’ due to ongoing, rampant market manipulation.
- The cryptocurrency ecosystem experienced a boost in momentum in June after a host of financial firms including BlackRock, the largest asset manager in the world, filed applications for a spot Bitcoin exchange-traded funds , raising hopes among the crypto faithful that a long-awaited ETF would finally be approved.
The SEC has repeatedly cited market manipulation as one of the main reasons why the regulator has denied all spot BTC ETFs up to this point. With data showing that market manipulation remains rife within the crypto ecosystem, there is a good chance that the SEC will continue to cite this as a reason to deny the current and all future applications.
Stark went on to note that over time, cryptocurrency investors who were once victims have now transformed into victimizers that draft and enlist “the mammoth social media horde to serve as unwitting soldiers of fortune .”
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