Former SEC Chair: Institutional Investors Clearly Want Access to BTC, Approval of Spot Bitcoin ETFs Inevitable

U.S. Securities and Exchange Commission’s erstwhile president Jay Clayton has explained wherefore helium believes the support of a spot bitcoin exchange-traded money (ETF) is inevitable. “It is wide that bitcoin is thing that retail investors privation entree to, organization investors privation entree to,” helium stressed.

Former SEC Chief Says Approval of Spot Bitcoin ETFs Inevitable

Former U.S. Securities and Exchange Commission (SEC) Chair Jay Clayton offered his perspectives connected the likelihood of the securities regulator approving a spot bitcoin exchange-traded money (ETF) successful an interrogation with CNBC connected Friday. The interrogation followed the SEC delaying its decisions connected respective bitcoin ETF applications, including 1 projected by Blackrock, the world’s largest plus manager.

Without stating whether helium would o.k. a spot Bitcoin ETF if helium were inactive the president of the SEC, Clayton detailed:

It is wide that bitcoin is not a security. It is wide that bitcoin is thing that retail investors privation entree to, organization investors privation entree to.

“And importantly, immoderate of our astir trusted providers, who are fiduciaries oregon person duties of champion interest, privation to supply this merchandise to the retail public,” the erstwhile SEC president added.

Regarding whether the SEC volition o.k. a spot bitcoin ETF, Clayton emphasized:

Approval is inevitable. The dichotomy betwixt a futures merchandise and currency merchandise can’t spell connected forever.

So far, the securities regulator has not approved a spot bitcoin ETF adjacent though it has approved immoderate bitcoin futures ETFs.

Clayton explained that erstwhile helium was the president of the SEC, the securities regulator was “uncertain whether currency trading was truthful easy manipulable that retail folks should not person entree to it.” However, helium stressed: “There are present ample institutions with surveillance mechanisms who are coming successful and saying: ‘No, that’s not the case.’ We tin trust connected the efficacy of the currency marketplace to a capable grade wherever we judge it’s a morganatic product. That’s a shift.”

Earlier this week, the United States Court of Appeals for the District of Columbia Circuit ruled successful favor of Grayscale Investments against the SEC regarding the crypto plus manager’s connection to person its flagship bitcoin spot (GBTC) into a spot bitcoin exchange-traded money (ETF).

Do you hold with erstwhile SEC Chair Jay Clayton astir organization request for bitcoin and the inevitable support of spot bitcoin ETFs? Let america cognize successful the comments conception below.