The Uncertain Path to a Spot Bitcoin ETF

Tom Gorman, a former SEC attorney with 40 years of securities law experience, believes the approval of a spot Bitcoin ETF in the US remains uncertain despite recent positive developments.
Gorman points to regulatory concerns around Bitcoin’s intent to avoid oversight and its use by entities like Hamas, posing ethical and security risks.
While former SEC Chairman Jay Clayton says a Bitcoin ETF is becoming more likely due to market improvements, Gorman stresses current Chairman Gary Gensler’s cautious approach to crypto regulation.

The approval of a spot Bitcoin exchange-traded fund (ETF) in the US remains uncertain despite recent positive developments, according to former Securities and Exchange Commission (SEC) attorney Tom Gorman.

🚨 NEWS: Former SEC attorney Tom Gorman stated a #Bitcoin Spot ETF is NOT a given.

He believes the SEC allowing an ETF would be a "very difficult lift."

"IF it does happen, I suspect it would take awhile with a fair amount of regulation" – Tom Gorman.

What do you think? pic.twitter.com/dKOfx5MT9L
— BlockNews.com (@blocknewsdotcom) October 25, 2023

Tom Gorman’s Expertise

With over 40 years of experience in securities law, Gorman is a seasoned legal expert. He is currently a partner at Dorsey & Whitney LLP, specializing in defending SEC investigations, enforcement actions, and white-collar criminal cases. Before joining Dorsey & Whitney, Gorman served as Senior Counsel in the SEC’s Division of Enforcement from 1978-1985.

Regulatory Concerns Around Bitcoin

According to Gorman, allowing a cryptocurrency onto a securities exchange regulated by the SEC would face significant regulatory hurdles. He pointed to concerns around Bitcoin’s original intent to operate outside of regulatory oversight. Gorman also noted that entities like Hamas are using cryptocurrencies, posing ethical and security risks.

Conclusion

While Clayton paints an optimistic picture, Gorman emphasizes the cautious approach of SEC Chairman Gary Gensler towards regulating cryptocurrencies. Gorman argues there is still uncertainty about whether the SEC will approve a spot Bitcoin ETF despite Clayton’s positive outlook.

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