Former SEC Official Says Electing a Republican Candidate will be Beneficial for Crypto
- Former SEC official John Reed Stark said that a Republican administration in 2024 will make the agency crypto-friendly.
- Stark said that if Biden resigns in 2024, the current SEC Chair, Gary Gensler, will also resign.
- If Gensler resigns, current Commissioner Hester Peirce is expected to become the temporary chair of the agency.
- Many Republican candidates have expressed pro-crypto motives in their speeches.
The crypto industry around the globe is currently looking forward to the 2024 presidential elections in the United States, where several Republican candidates have come up in support of Bitcoin (BTC) and the blockchain sector. Interestingly, a former official at the Securities and Exchange Commission (SEC) predicted that if a Republican candidate is elected, the securities regulator will become positive towards crypto.
As per a post on social media platform X, previously Twitter, by John Reed Stark, the former SEC Office of Internet Enforcement chief, the regulatory agency will potentially change its approach towards the crypto sector and digital assets if a Republican becomes president in 2024. Moreover, additional changes are also expected in terms of regulations in the blockchain space.
“Issues surrounding crypto regulation have unfortunately become increasingly partisan at the SEC. This is surprising because when I first began writing about crypto in 2017, crypto was not at all a partisan issue,” Stark said.
According to Stark, the current SEC management will not approve a Bitcoin spot exchange-traded fund (ETF) and will continue to delay its decision. However, a new management under a Republican administration will approach the digital asset sector in a different manner.
Stark added that given the partisan divide that has evolved regarding crypto, especially at the SEC, if a Republican becomes president, then a decrease in the SEC’s crypto-enforcement efforts, along with the number of fraud and unregistered securities charges, will decrease significantly. Also, Stark also believes that the regulator will become “far more receptive to approving a bitcoin spot ETF and far more likely to take other significant crypto-friendly regulatory actions.”
Finally, Stark also pointed out that if President Joe Biden resigns, the current SEC Chair, Gary Gensler, is also expected to resign, and thereafter, Commissioner Hester Peirce might become the acting chairman of the securities regulator. This would mean that Gensler, who has waged a war against crypto exchanges like Binance, Coinbase, and Kraken, will have to resign after the new administration comes into power.
As reported earlier by Bitnation, the chairman of the US House Oversight and Investigations Subcommittee, Bill Huizenga of Michigan, criticized the SEC for abusing its powers in regulating crypto.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
