Jay Clayton: A Spot Bitcoin ETF is Inevitable in the US
Former SEC Chairman Jay Clayton believes that the US will eventually have a spot bitcoin exchange-traded fund (ETF). In an interview with CNBC, Clayton stated that it is clear that retail and institutional investors want access to bitcoin, and trusted providers want to offer this product to the public. He believes that an approval for a spot bitcoin ETF is inevitable and that the dichotomy between futures and cash products cannot continue indefinitely.
Key Points:
1. Bitcoin is not a security and investors want access to it.
2. The SEC has yet to approve a spot bitcoin ETF, but futures-based ETFs already exist.
3. A federal court ruled that the SEC’s rejection of Grayscale’s proposal to convert its bitcoin trust into an ETF was “arbitrary and capricious”.
4. The SEC recently delayed decisions on spot bitcoin ETFs proposed by BlackRock, Fidelity, and Invesco.
5. JPMorgan also believes that a spot bitcoin ETF will eventually be approved.
Hot Take:
The statements from Jay Clayton and the recent court ruling suggest that the US may soon see the approval of a spot bitcoin ETF. This could be a significant development for the crypto market as it would provide easier access for retail and institutional investors. However, it remains to be seen when exactly the SEC will make its decision and what fresh objections or reasons they may provide.
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