Former SEC Chair Guarantees Bitcoin Spot ETFs: Inevitable Approval

Former US Securities and Exchange Commission (SEC) Chair, Jay Clayton, has weighed in on the ongoing applications for Bitcoin (BTC) spot Exchange-Traded Funds (ETFs) by various asset managers, including BlackRock, WisdomTree, and Ark Invest.

Despite the SEC’s cautious approach and the applications facing repeated delays, Clayton is confident that the approval of a Bitcoin ETF is inevitable.

In a recent interview with CNBC, Clayton emphasized the demand from retail investors and the willingness of trusted providers to offer this investment product to the public.

‘BTC Clearly Not A Security’

Several major asset managers have submitted applications for Bitcoin spot ETFs, seeking approval from the SEC. However, the regulatory body has yet to greenlight any of these proposals, resulting in a pause in the approval process.

While the SEC has expressed concerns regarding market manipulation, investor protection, and custody of digital assets, the industry and investors eagerly await a breakthrough.

Clayton made a significant statement in the CNBC interview, stating, “It is clear that Bitcoin is not a security.” This distinction is crucial, as securities fall under the SEC’s regulatory jurisdiction.

Clayton’s perspective highlights the unique nature of Bitcoin as a decentralized digital currency that has gained popularity among retail investors seeking access to this emerging asset class.

Clayton emphasized the growing demand from retail investors to gain exposure to Bitcoin through regulated investment products. In addition, he noted that reputable providers within the financial industry are eager to offer Bitcoin ETFs to the public.

This convergence of investor interest and the desire of trusted providers to cater to this demand adds weight to Clayton’s assertion that the approval of a Bitcoin spot ETF is unavoidable.

While the timing of the approval remains uncertain, Clayton’s comments serve as a reminder of the potential groundbreaking shift that a Bitcoin spot ETF approval could bring. Such approval would give retail investors more accessible and regulated exposure to Bitcoin, pote

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Author: Ronaldo Marquez

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