Former SEC Official Sounds Alarm: 15,000 Morgan Stanley Advisors Urged to 'Say No' to Bitcoin ETFs đš
John Reed Stark, the former head of internet enforcement at the SEC, is raising red flags over Morgan Stanleyâs push to promote cryptocurrency investments. With 15,000 financial advisors now pitching Bitcoin ETFs, Stark warns of the "mammoth risk" both to retail investors and the advisors themselves.
Stark, who founded and led the SEC's Office of Internet Enforcement, cautions that these advisors could face serious consequences, including the potential loss of their Certified Financial Planner (CFP) credentials if they fail to meet regulatory standards.
Morgan Stanley has reportedly given its advisors the green light to recommend Blackrockâs Ishares Bitcoin Trust (IBIT) and Fidelityâs Wise Origin Bitcoin Fund (FBTC) to select clients. But with the risks of crypto-asset investments "literally beyond measure," Stark urges caution for both investors and advisors alike.
Is this a bold move into the future of finance, or a step too far? The debate continues as the crypto world watches closely.
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