SEC Unlikely to Approve Spot Bitcoin ETF with Current Leadership, Potential 2024 Crypto Landscape Shift

SEC is unlikely to approve a spot Bitcoin ETF under Chair Gary Gensler, but a Republican victory in the next presidential election could bring relief to the struggling crypto sector.  He shared his insights on social media platform X, stating that applications for spot Bitcoin ETFs from BlackRock, Fidelity, and Ark Invest won’t find favour under Gensler’s leadership.

Stark cited reasons such as rampant market manipulation, concentrated trading, and reliance on a small group for Bitcoin network maintenance. Stark, with 15 years of SEC enforcement experience, emphasized that products endangering investors and lacking legal compliance should be rejected.

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

A more promising outlook emerges if a Republican wins the presidency. Stark predicted that Gensler might resign, potentially allowing Hester Peirce, a Republican-appointed SEC commissioner, to become acting Chair. Peirce’s historical dissent against crypto-related SEC actions could slow down enforcement efforts. Stark asserted that a post-election SEC under Republican influence could significantly diminish crypto enforcement, likely approve a spot Bitcoin ETF, and introduce crypto-friendly regulations.

The upcoming November presidential election might witness a rematch between incumbent Democratic President Joe Biden and former Republican President Donald Trump. This shift in leadership could impact the trajectory of crypto regulations and approvals.

Key BTC Levels To Watch

It is noteworthy that unless there is a prompt resurgence on the part of the Buyers, the potential exists for Bitcoin to experience a substantial descent, potentially reaching a value of $28,400.0. Presently, Bitcoin finds itself within a period of pronounced consolidation, marked by a notable scarcity of upward price momentum.

Evident on the daily chart is the emergence of a bearish triangle pattern, signifying a gradual descent in price levels. This pattern aligns with the observed decline in the Stochastic oscillator from its previously overbought threshold. Concurrently, the Moving Averages are positioned closely along the bodies of the daily candles, accentuating the delineated trading range.

It is noteworthy that unless there is a prompt resurgence on the part of the Buyers, the potential exists for Bitcoin to experience a substantial descent, potentially reaching a value of $28,400.0.

BTCUSD Key Levels

Supply Levels: $31,050.0, $32,000.0, $36,000.0
Demand Levels: $28,500.0, $25,300.0, $20,400.0

Total Market Capitalization: $1.2T
BTC Market Capitalization: $572B
BTC Volume: $13.7B
Market Rank: #1

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