Former US Securities and Exchange Commission (SEC) chair Jay Clayton has expressed his belief in the inevitable approval of Bitcoin ETFs. Clayton, who served as SEC chair from 2017 to 2020, emphasized the robustness and efficacy of the Bitcoin trading market, stating that it has significantly improved over the past five years.
Clayton highlighted the importance of the technology supporting these ETFs, particularly the custody, creation, and redemption processes. He views the ability to tokenize and digitize underlying assets as a major step forward, with implications beyond the crypto space. This development, according to Clayton, has the potential to bring about significant changes in the broader financial industry.
During his tenure as SEC chair, Clayton expressed skepticism about the BTC market but acknowledged the emergence of reputable institutions in the crypto industry as a game-changing development. He emphasized the efficiency of a spot Bitcoin ETF for investors and noted that approving a Bitcoin Spot ETF would become difficult to resist if institutions can demonstrate their effectiveness compared to the futures market.
Clayton also recognized the significance of institutional players entering the crypto industry, as their involvement lends credibility and addresses some of the SEC’s concerns regarding market manipulation. He highlighted the increasing demand from retail investors to gain regulated exposure to Bitcoin through investment products. Reputable financial industry providers are eager to offer Bitcoin ETFs to the public, underscoring the market’s readiness for regulated investment vehicles that can provide broader access to cryptocurrencies while maintaining investor protections.
CNBC has reported that trading of Bitcoin ETFs could commence within days. This news aligns with Clayton’s optimistic outlook on Bitcoin ETF approval, adding to the growing anticipation surrounding these investment products. According to CNBC correspondent Kate Rooney, two sources close to the process have indicated that Wednesday will likely be the day of the ultimate approval. This coincides with the application deadline for Ark Invest and 21 Shares, raising the possibility of a trading launch between Thursday and Friday.
As the SEC receives updates on the filings, several applications are expected to be given the green light. The imminent approval would indicate a shift in acceptance of cryptocurrencies within the regulatory landscape and present an opportunity for investors to access Bitcoin through regulated investment vehicles. As of this writing, the excitement surrounding the approval has sent Bitcoin to the $46,900 mark, up more than 6.8% in the past 24 hours.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided entirely at your own risk.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Jay Clayton, Kate Rooney |
| Companies | Ark Invest, US Securities and Exchange Commission, 21 Shares, CNBC, NewsBTC |
| Currencies | Bitcoin |
| Securities | None |
