Former U.S. President Donald Trump's anti-crypto position may shift significantly, according to the former chief of internet enforcement at the U.S. Securities and Exchange Commission. In addition, he predicted that if a Republican were to win the presidency of the United States, the SEC would be headed by a Republican who would, at the very least, approve the creation of an exchange-traded fund (ETF) for bitcoin and "may even considerably slow down SEC crypto-related enforcement efforts."
On Donald Trump's anti-crypto stance, a former SEC official
Donald Trump could "dramatically" shift his stance on cryptocurrencies, according to former Securities and Exchange Commission (SEC) official John Reed Stark. At the moment, Stark serves as president of the cybersecurity company John Reed Stark Consulting. He established the SEC Office of Internet Enforcement and oversaw it for 11 years as its director. He spent 15 years as an SEC enforcement lawyer. Trump is a 2024 presidential candidate.
"Former President Trump is on record as being strongly anti-bitcoin and anti-crypto," Stark stated on the social media site X on Wednesday. The former SEC official, however, contended:
Considering that crypto-voters are a vocal and influential group who may be one-issue voters, it is possible that the former president Trump would drastically alter his position on the subject.
He also mentioned that Trump currently owns some cryptocurrencies, citing numerous media sources. The former American president debuted a collection of non-fungible tokens (NFTs) last year and purportedly disclosed cryptocurrency holdings of $2.8 million in ether (ETH) in August.
In 2019, Trump emphasised that he is "not a fan of bitcoin or other cryptocurrencies," highlighting the fact that they are not money. They are "based on thin air," he continued, adding that "unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity." Additionally, he stated that cryptocurrency is quite risky in 2021.
On Wednesday, the former SEC internet enforcement chief came to these conclusions:
In all likelihood, if a Republican is elected president of the United States, a Republican-appointed SEC chair would, at the at least, authorize a bitcoin spot ETF and would even significantly slow down SEC crypto-related enforcement actions.
The crypto business may benefit from a number of proposed improvements that Stark outlined last month. The election of a Republican as president, the resignation of SEC Chairman Gary Gensler, and the appointment of "crypto mom" Hester Peirce as acting SEC Chair were among them.
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