Hester Peirce Supports Spot Bitcoin ETF Approval, but No Guarantee from SEC
Hester Peirce, the SEC commissioner known for her pro-crypto stance, has once again expressed her support for the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF). However, she also cautioned that she couldn’t guarantee the SEC would grant approval for a spot BTC fund in the near future.
John Deaton Blames Former SEC Chairman Jay Clayton
In response to Peirce’s remarks, XRP lawyer and attorney John Deaton pointed out that some blame should be directed at former SEC Chairman Jay Clayton. Deaton argued that Clayton had the support of commissioners like Hester Peirce and Elad Roisman during his tenure. However, Clayton’s actions, such as failing to establish a Safe Harbor, allowing William Hinman to give speeches on Bitcoin and Ethereum, and initiating a lawsuit against Ripple claiming XRP was a security, raised concerns.
Deaton wrote on Twitter, “Immediately after leaving the SEC, Clayton took a paid advisor position with One River, who had made a $1B bet on #BTC & #ETH just two months before the Ripple XRP lawsuit. Keep it vague for the rest of us, but cash in as an advisor on the one thing you denied regular folks access. Clayton, Gensler & Hinman represent everything wrong with our regulatory markets today.”
Clayton’s Alleged Hands-Off Approach
Deaton highlighted that during his time as SEC Chair, Clayton appeared to have a hands-off approach when it came to Bitcoin and cryptocurrencies, except for pursuing cases related to initial coin offerings (ICOs) that were unrelated to Ethereum. After leaving the SEC, Clayton took on a paid advisor role with One River, a firm that had made a significant bet on Bitcoin and Ethereum just two months before the Ripple XRP lawsuit.
Continued Debate over Bitcoin ETF Approval
The approval of a Bitcoin ETF remains a topic of debate within the cryptocurrency community, with Peirce’s support representing one side of the ongoing discussion. Despite her strong advocacy for it, the uncertainty surrounding its approval persists.
Hot Take: The Role of Jay Clayton in Bitcoin ETF Approval
John Deaton argues that former SEC Chairman Jay Clayton bears some responsibility for the lack of approval for a spot Bitcoin ETF. Clayton’s alleged failure to establish a Safe Harbor, allowing speeches on Bitcoin and Ethereum, and initiating the Ripple lawsuit while subsequently taking a paid advisor role with One River have raised concerns. Deaton believes that these actions highlight what is wrong with regulatory markets today. The debate surrounding the approval of a Bitcoin ETF continues, leaving the crypto community uncertain about when or if it will happen.
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