John Reed Stark, an enforcement officer, at the United States Securities and Exchange Commission (SEC) recently shared his thoughts on social media platform X about cryptocurrency. According to him one of the proven uses of cryptocurrency is its association with activities such as money laundering and other vices.
Stark also expressed his concerns about the Bitcoin spot Exchange Traded Fund (ETF) describing it as a scheme that claims to provide financial services for individuals without bank accounts. However he argued that the true intention behind this ETF is to take advantage of those seeking inclusivity. The recent market rebound seems to have fueled excitement for this product, which Stark believes is nothing than an intricately planned scam.
In line, with Better Markets stance John Reed Stark supports their call urging market regulators to reject all Bitcoin spot ETF applications.
