John Reed Stark has expressed the opinion that launching Bitcoin exchange-traded funds (ETFs) in the U.S. is a misguided idea. In his view, funds related to Bitcoin could turn into a grand scheme on Wall Street, potentially leading to a massive fraud. He asserts that approving such an investment product would do more harm than good to investors, creating additional opportunities for fraud on Wall Street. A former employee of the Securities and Exchange Commission (SEC), Stark considers the idea of creating spot Bitcoin ETFs absurd, foreseeing potential tragic consequences for investors.

“I just can’t reconcile with the idea that the approval of a spot Bitcoin ETF could become the centerpiece of discussions about SEC Chairman Gary Gensler’s legacy. Like much of the crypto universe, this venture seems upside down. Say it ain’t so, Gary,” exclaimed Stark.

Stark expressed dissatisfaction with the notion that the approval of such Bitcoin ETFs could become a focal point in the context of SEC Chairman Gary Gensler’s legacy. He believes that this initiative seems upside down and raises questions about its justification. Currently, the SEC is reviewing 13 applications from companies seeking to launch spot Bitcoin ETFs and is meeting with them to discuss potential changes. Stark also shared his opinion regarding the hacking attack on the NFT Trader trading platform, expressing the belief that paying rewards to hackers could incentivize their activities.