Former SEC Official: Reports of 90% Chance of SEC Approving Bitcoin Spot ETF are “Absolutely Ridiculous”

Former Securities and Exchange Commission (SEC) official John Reed Stark stated on social media platform X that there are two reasons for the rise in cryptocurrency prices: the first reason involves regulation of the cryptocurrency industry, and the second reason revolves around the concept of the "greater fool theory". For cryptocurrencies, there is no intrinsic value, no cash flow, no tangible assets, no employees, no management, no balance sheet, no products, no services, no operational history, no analysis or valuation, no profit reports, and no confirmed adoption or reliance records, except for analysis related to cryptocurrency speculation. Essentially, all of this data is suspicious. This former SEC official also refuted reports that the SEC's approval of a Bitcoin futures ETF was as high as 90%, calling it "absolutely absurd".