Former SEC Official Warns Spot Bitcoin ETFs Will Create ‘Wall Street Fee-Sucking Scam of Epic Proportions’
The U.S. Securities and Exchange Commission’s former head of internet enforcement has warned that spot bitcoin exchange-traded funds (ETFs) “will create yet another Wall Street fee-sucking investor scam of epic proportions.” In addition, he stressed that it will likely be the most centralized crypto contraption conceivable. Ex-SEC Official’s Spot Bitcoin ETF Warnings Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark issued some warnings about spot bitcoin exchange-traded funds (ETFs) in a post on social media platform X Monday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. Expressing his skepticism about spot bitcoin ETFs, Stark wrote: “As to whether the approval of a spot bitcoin ETF is a good thing, my view is that it is not.” He cautioned: The very idea of a bitcoin spot ETF rem