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Crypto skeptic John Reed Stark, a former US Securities and Exchange Commission official, has lambasted American banking giant Morgan Stanley’s decision to allow its advisers to offer spot Bitcoin ETFs to wealthy clients.
While many crypto watchers consider Morgan Stanley’s push a giant step for Bitcoin adoption, John Reed Stark deems it a “death wish.”
Morgan Stanley’s Bitcoin ETF Pitch Is A Bad Idea
In a recent post on Twitter (aka X), John Reed stated that Morgan Stanley’s 15,000+ financial advisers are now exposed to potential regulatory surveillance. According to the ex-SEC official, these advisers will likely be subject to “the largest SEC and FINRA examination sweep in history.”
“Identifying violations will be like shooting fish in a barrel. So whoever Morgan Stanley’s current compliance…
