HomeCoinsBitcoinApproval of a Spot Bitcoin ETF within the US Is Inevitable, Says...

Approval of a Spot Bitcoin ETF within the US Is Inevitable, Says Former SEC Chair Jay Clayton

The previous chairman of the U.S. Securities and Change Fee (SEC) says that the approval of a spot market Bitcoin (BTC) exchange-traded fund (ETF) is sure to occur.

In a brand new interview on CNBC Squawk Field, former SEC Chair Jay Clayton says that the approval of a spot market BTC ETF is inevitable because it’s apparent that the highest crypto asset by market cap will not be a safety.

“It is clear that Bitcoin is not a security. It is clear that Bitcoin is something retail investors want access to, that institutional investors want access to, and importantly, some of our most trusted providers who are fiduciaries or have duties of best interest, want to provide this product to the retail public. So I think approval is inevitable. The dichotomy between a futures product and a cash product cannot go on forever.”

Final month, the SEC misplaced a authorized battle in opposition to Grayscale over the rejection of the crypto agency’s software to create a spot market BTC ETF. The choose within the case dominated that the SEC should rethink its place to stay constant.

Prior to now, the SEC authorized futures BTC ETFs however rejected quite a few bids to create spot market BTC ETFs, which might grant retail buyers entry to BTC via a brokerage, very similar to treasured metals.

In keeping with Clayton, the truth that giant monetary establishments are organising surveillance networks to watch spot market BTC ETFs implies that the SEC’s issues for the protection of buyers must be quelled.

“[Before], I held the view that we were uncertain whether cash trading was so easily manipulable that retail folks should not have access to it. There are now large institutions with surveillance mechanisms that are coming in and saying, ‘no, that’s not the case.’ We can rely on the efficacy of the cash market to a sufficient extent where we believe it’s a legitimate product.”

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Supply: https://dailyhodl.com/2023/09/01/approval-of-a-spot-bitcoin-etf-in-the-us-is-inevitable-says-former-sec-chair-jay-clayton/

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