Former SEC Chairman Jay Clayton believes that the approval of a spot market Bitcoin (BTC) exchange-traded fund (ETF) is inevitable. In a recent interview on CNBC Squawk Box, Clayton stated that it is clear that Bitcoin is not a security and that retail and institutional investors want access to it. He also noted that trusted providers, such as fiduciaries, want to provide this product to the public.
Last month, the SEC lost a legal battle against Grayscale over the rejection of the crypto firm’s application to create a spot market BTC ETF. The judge in the case ruled that the SEC must reconsider its position to remain consistent. The SEC has previously approved futures BTC ETFs but rejected numerous bids to create spot market BTC ETFs, which would grant retail investors access to BTC through a brokerage, much like precious metals.
Clayton believes that the fact that large financial institutions are setting up surveillance networks to monitor spot market BTC ETFs should alleviate the SEC’s concerns for the safety of investors. He stated that before, he held the view that cash trading was easily manipulable, but now large institutions with surveillance mechanisms are saying that it is not the case.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | SEC, Jay Clayton, Squawk Box, Grayscale |
| Companies | U.S. Securities and Exchange Commission (SEC), CNBC Squawk Box, Bitcoin (BTC), futures product, Grayscale |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
