Former SEC Chair Jay Clayton Believes Spot Bitcoin ETF Approval Is Inevitable
Jay Clayton, the former chair of the SEC, stated during an appearance on Squawk Box that he believes the approval of a spot Bitcoin ETF is inevitable. According to Clayton, there is nothing left to decide. He also acknowledged the current strength of the Bitcoin market, stating that it is much better today than it was five years ago.
Matrixport Report and Jihan Wu’s Response
A Matrixport report suggesting that the SEC would not approve a spot Bitcoin ETF could have contributed to a drop in Bitcoin’s trading value. However, Matrixport co-founder Jihan Wu reassured worried investors that the approval of a spot ETF by the SEC is inevitable and will attract fresh investment into Bitcoin.
SEC’s January 10th Deadline Approaches
The SEC’s deadline of January 10th for potential approval of all spot Bitcoin ETF applicants is approaching. Several companies, including Invesco, VanEck, and WisdomTree, have submitted applications. If approved, a spot Bitcoin ETF could lead to greater mainstream adoption of cryptocurrency in the United States.
Clayton and Armstrong’s Optimism
Clayton’s belief in the potential impact of a spot Bitcoin ETF aligns with Coinbase founder Brian Armstrong’s view that Bitcoin could extend Western civilization. Armstrong sees Bitcoin as a natural check and balance that can complement the dollar and defend long-term American interests.
Gensler’s Warning Sparks Speculation
SEC Chair Gary Gensler’s recent warning about investing in crypto has led some social media users to interpret it as a sign that at least one spot Bitcoin ETF will be approved soon.
Hot Take: Spot Bitcoin ETF Approval Will Transform Finance
Former SEC Chair Jay Clayton’s belief in the inevitability of a spot Bitcoin ETF approval highlights the potential for significant change across finance, not just in the crypto space. If approved, a spot Bitcoin ETF could pave the way for greater mainstream adoption and solidify Bitcoin’s role in extending Western civilization.
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