The Approval of a Spot Bitcoin ETF in the US Is Inevitable, Says Former SEC Chair Jay Clayton
The former chairman of the U.S. Securities and Exchange Commission (SEC), Jay Clayton, believes that the approval of a spot market Bitcoin (BTC) exchange-traded fund (ETF) is bound to happen. In a recent interview, Clayton emphasized that Bitcoin is not a security and that both retail and institutional investors are interested in accessing it. He also mentioned that trusted providers and fiduciaries want to offer this product to the public. Clayton argues that the dichotomy between futures and cash products cannot continue indefinitely.
The key points from the interview are:
- Bitcoin is not a security and investors want access to it.
- Large financial institutions are establishing surveillance networks for spot market BTC ETFs, addressing the SEC’s concerns about investor safety.
- The SEC lost a legal battle against Grayscale over the rejection of a spot market BTC ETF application and must reconsider its position.
- The SEC has previously approved futures BTC ETFs but rejected spot market BTC ETFs.
- Approval of a spot market BTC ETF is inevitable due to market demand and the presence of surveillance mechanisms.
Hot Take: The former SEC chairman’s comments suggest that the approval of a spot market Bitcoin ETF in the US is imminent, given the demand from both retail and institutional investors, as well as the availability of surveillance systems to monitor the market.
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