The former Chair of the US Securities and Exchange Commission (SEC), Jay Clayton, has expressed his belief that a spot Bitcoin ETF will eventually be approved by the regulatory body. Despite the recent delay in processing applications from financial heavyweights like BlackRock, Clayton sees a spot Bitcoin ETF as inevitable. He suggests that the SEC could make progress on this matter within the next 45 days.
A Spot Bitcoin ETF: A Matter of When, Not If
Clayton, who served as SEC Chair from 2017 to 2020, has offered his insights on the hot topic of a spot Bitcoin ETF. He contends that the current disparity between a futures product and a cash product cannot continue indefinitely. This implies that the SEC will eventually give the go-ahead to a spot ETF. Although he didn’t directly address whether such a product would have been approved under his leadership, Clayton does believe the SEC may be closer to a “yes” in October.
US Spot Bitcoin ETF: Still Awaiting Approval
Despite numerous attempts by domestic companies, a spot Bitcoin ETF has yet to debut in the US. However, many crypto advocates are hopeful that the SEC’s stance may shift, given that financial giants like BlackRock, Invesco, Fidelity, WisdomTree, and VanEck are among the organizations applying for such a product. According to Bloomberg Intelligence, approval could have occurred recently, but the SEC has chosen to take an additional 45 days to assess the applications.
High Demand for Bitcoin
Clayton, who has previously stated that the SEC will find it difficult to ignore spot Bitcoin ETF applications, emphasized the strong interest in Bitcoin among both retail and institutional investors. He also reiterated that Bitcoin is not a security, stating, “Bitcoin is something that retail investors want access to, the institutional investors want access to, and importantly, some of our most trusted providers want to provide this product to the retail public.”
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