Former SEC Chief Says Approval of Spot Bitcoin ETFs Inevitable
In an interview with CNBC, former SEC Chairman Jay Clayton discussed the likelihood of the securities regulator approving a spot bitcoin exchange-traded fund (ETF). Here are the key points from the interview:
- Bitcoin is not a security and both retail and institutional investors want access to it.
- Trusted providers, who have fiduciary duties, are eager to offer bitcoin ETFs to the public.
- Approval of a spot bitcoin ETF is inevitable.
- The SEC has been uncertain about allowing retail investors access to cash trading due to concerns about manipulation. However, large institutions with surveillance mechanisms now support it.
- The recent ruling in favor of Grayscale Investments could be a positive development for spot bitcoin ETFs.
Hot Take: With increasing institutional support and demand from retail investors, it seems likely that the SEC will approve spot bitcoin ETFs in the near future. This could open up new opportunities for investors and further legitimize the cryptocurrency market.
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