Spot Bitcoin ETF Is Inevitable
With less than a day remaining for the SEC to decide on the first Spot Bitcoin ETF in the US, former SEC chairman Jay Clayton believes that approval is inevitable. Speaking on CNBC’s ‘Squawk Box’ show, Clayton expressed his certainty regarding the 13 pending applications. He stated that the regulator has no more deliberations to make and expects them to approve rather than decline the ETFs.
Clayton noted that there have been significant changes in the crypto industry since he was in office, leading to major players in finance applying for Spot ETFs. He believes that these applicants have done their due diligence and see no reason for the SEC to deny them.
Applicants Follow SEC Recommendations To The Letter
A noteworthy aspect of this set of Spot Bitcoin ETF applicants is their commitment to following the SEC’s recommendations. They have made multiple amendments to their filings, demonstrating their dedication to crafting well-regulated investment options for investors.
Bloomberg analyst James Seyffart shares Clayton’s belief that the SEC will be unable to reject the applications. Seyffart argues that after a recent court ruling found the SEC lacking sufficient reasons to deny Grayscale’s Bitcoin Trust request, they have been backed into a corner with no valid justifications left.
If the SEC does reject the applications, legal expert James Murphy expects all applicants to sue the regulator. He believes that such a lawsuit would likely find the SEC’s decision arbitrary and capricious.
Hot Take: Spot Bitcoin ETF Approval Anticipated Despite Uncertainty
The deadline for the SEC to approve or deny the first Spot Bitcoin ETF draws near, and experts like former chairman Jay Clayton express confidence in its inevitability. While some believe there is uncertainty surrounding this decision, Clayton and others argue that the regulator has no reason to decline the applications. The applicants have diligently followed the SEC’s recommendations, making amendments to their filings and demonstrating their commitment to investor protection. If the SEC were to reject these applications, it could face legal challenges and potential repercussions. Ultimately, it seems likely that the Spot Bitcoin ETF will be approved, marking a significant milestone in the cryptocurrency industry.
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