John Reed Stark, who once headed the Office of Internet Enforcement at the U.S. Securities and Exchange Commission (SEC), predicts that a Bitcoin spot ETF won't see approval until after 2024. In an extensive article on X, previously Twitter, Stark refers to a letter from Better Markets addressed to the SEC. The letter draws attention to issues in the existing arrangements for Bitcoin spot ETFs. The financial regulator noted concerns about "inflated" trade volumes due to rampant wash trading and price manipulation in the Bitcoin ETF sector.
Furthermore, Better Markets underlined that the spot Bitcoin market is dominated by a limited number of players. Stark feels these problems, highlighted by the non-profit, introduce significant vulnerabilities in the proposed ETFs, leaving room for exploitation by ill-intentioned
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First found on: Former SEC official: Bitcoin ETF approval won’t happen any time soon
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