Former SEC Chairman Jay Clayton today said that regulators would find it “hard to resist” approving a spot Bitcoin exchange-traded fund (ETF) if such a product performs the same functions as a futures one.

Speaking in a CNBC interview Monday, Clayton said that the SEC would have to see that a spot product application would provide “similar efficacy to the futures market” in order to approve it.

He argued that although he was very skeptical of Bitcoin trading when he was the SEC boss, he now finds it “pretty remarkable” that major players in traditional finance want to put their name on spot ETF applications.

BlackRock, the world’s largest asset manager, last month applied to the SEC for a spot Bitcoin ETF, leading institutional investors to pour money into the space.

“If they’re [applicants] right—that the spot market has similar efficacy to the futures market—it would be hard to resist approving a Bitcoin ETF,” Clayton said.

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Author: Mathew Di Salvo

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