As the deadline for the United States Securities and Exchange Commission (SEC) to approve or deny the first Spot Bitcoin ETF in the country approaches, various experts have shared their predictions. Among them is former SEC chairman Jay Clayton, who asserts that the approval of the Spot ETF is inevitable.
Clayton recently appeared on CNBC’s ‘Squawk Box’ show, where he expressed his expectations for the 13 pending Bitcoin Spot ETF applications with the SEC. Unlike some experts who have taken a more conservative stance, Clayton is certain of the approval.
He believes that the SEC has nothing left to deliberate on regarding these Spot ETF applications. Clayton, who has been involved in the crypto industry for at least two years since leaving the SEC, explains that the situation has changed from five years ago when the regulator rejected Spot ETF applications. He attributes the past rejections to issues such as wash sales and laddering, which he deemed inappropriate for the general public.
However, with the new applicants being major players in the finance industry and conducting their due diligence, Clayton sees no reason for the SEC to deny a spot ETF. “I think approval’s inevitable, and I think there’s nothing left to decide,” Clayton stated.
One notable aspect of this set of Spot Bitcoin ETF applicants is their adherence to the SEC’s recommendations for their filings. Applicants have amended their filings multiple times in recent months, demonstrating their commitment to abide by the rules and ensure the Spot ETFs are well-crafted for investors.
Interestingly, Clayton isn’t the only one who believes that the SEC will have to approve a Spot Bitcoin ETF. Bloomberg analyst James Seyffart also believes that the regulator will not be able to make applicants withdraw their applications. Seyffart argues that the SEC has been backed into a corner and has no more reasons to deny a Spot Bitcoin ETF. This follows a court ruling that the SEC did not have sufficient reason to deny Grayscale’s request to turn its Bitcoin Trust into a Spot ETF.
Legal expert James Murphy has said that if the SEC does reject the Spot ETF applications, he expects all of the applicants to sue the regulator. If this happens, Murphy believes that the SEC would lose again as the court would determine its decision as “arbitrary and capricious.”
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | James Murphy, Jay Clayton, James Seyffart |
| Companies | Grayscale, CNBC, Hashdex, United States Securities and Exchange Commission, Bloomberg |
| Currencies | Bitcoin |
| Securities | None |
