Cryptocurrency NewsFormer SEC Chairman Jay Clayton Foresees Inevitable Approval of Spot Bitcoin ETF

Former SEC Chairman Jay Clayton Foresees Inevitable Approval of Spot Bitcoin ETF

Jay Clayton, the former chairman of the U.S. Securities and Exchange Commission (SEC), recently indicated in a CNBC interview that he believes the authorization of a spot Bitcoin Exchange-Traded Fund (ETF) is only a matter of time. This statement comes even as the SEC has postponed its decision on various Bitcoin ETF applications.

Several major firms, including BlackRock, Ark Invest, Bitwise, WisdomTree, VanEck, and Invesco, have submitted proposals for Bitcoin-focused ETFs. On Friday, the SEC decided to extend its review period by an additional 45 days, aiming to complete a thorough examination of any required rule changes. This gives the regulatory agency until October 2023 to decide on approving, declining, or further contemplating the applications.

Clayton’s optimistic remarks followed a judicial decision that criticized the SEC’s denial of Grayscale’s ETF application as ‘arbitrary and capricious.’ Despite this discord between the SEC and the judiciary, Clayton maintains a positive outlook for the future of Bitcoin ETFs. He pointed to two main indicators for inevitable approval: strong interest from institutional investors and the growing necessity for simplified access to Bitcoin.

He argued that institutional investors are increasingly interested in entering the Bitcoin market through an ETF, which would also make it easier for individual traders to participate in the crypto sector.

Although Clayton did not specify when such an approval might happen, he remained steadfast that it is likely on the horizon.

For those eagerly awaiting regulatory approval in the cryptocurrency space, Clayton’s statements serve as a beacon of hope. The green light for a Bitcoin ETF in the United States would signify a critical turning point for the broader acceptance of digital currencies.

As the financial landscape continues to change, the eventual approval of a spot Bitcoin ETF is increasingly seen as a question of timing rather than feasibility. Clayton’s comments strongly support the view that such an endorsement is, in fact, “inevitable.”


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