John Reed Stark has shared some compelling proof suggesting that the probabilities of getting approval from the USA Securities Trade and Fee (SEC) for a spot Bitcoin (BTC) Trade Traded Fund (ETF) is slim.
Extra Compelling Proof Demonstrating That the Probabilities for SEC Approval of a Bitcoin Spot ETF Are Slim and None (And Slim Simply Left City)
A brand new research provides much more proof that the crypto-marketplace is completely rigged. Actually, it appears virtually axiomatic that market…
— John Reed Stark (@JohnReedStark) August 18, 2023
Stark Believes Crypto is Rigged
Based on the previous SEC boss, there was proof that the digital asset market has been rigged.
“It appears virtually axiomatic that market manipulation of crypto is just not merely ubiquitous and tidewater, but additionally inspired. Fraud not solely rewarded but additionally taught,” Stark shared on X (previously Twitter).
He went on to quote a report from CNBC that detailed how rampant Twitter bots had been used to affect the worth of cryptocurrencies together with a few of the tokens traded by insiders at FTX sister buying and selling agency Alameda Analysis proper earlier than the collapse.
For instance, Twitter proprietor Elon Musk talked about some altcoins which induced their costs to skyrocket by greater than 50%.
Bitcoin ETF: the Illicit Actions Blemish
Stark confirmed that there is no such thing as a bonafide methodology to worth mathematical computational blather.
He went on to liken crypto evaluation to a chunk of clothes worn by poltergeists. Subsequent, he highlighted the shortage of a sturdy crypto regulatory framework, transparency, shopper safety, insurance coverage, licensure, web capital necessities in addition to some other efficient person safety instrument.
The absence of those options has made the nascent trade a breeding floor for illicit actions together with rug pulls, market manipulation, insider buying and selling and so many different types of exploitation.
Additionally, he believes “the cryptoverse has remodeled victims into victimizers, drafting and enlisting the mammoth social media horde to function unwitting troopers of fortune (with out even having the decency to pay their legions any compensation or army scrip).”
Taking a look at his statements, Stark is completely not seeing the opportunity of the regulator approving the Bitcoin spot ETF. Prior to now, the previous SEC chief said that the present administration of the U.S. SEC is just not prone to approve a spot BTC. He’s assured {that a} Republican has to return into energy earlier than the SEC would cease its crackdown on the nascent trade.
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