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Former SEC Chair Says Spot Bitcoin ETF Approval Is 'Inevitable'

Fri, 09/01/2023 - 15:30
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Alex Dovbnya
Former SEC Chair Jay Clayton has weighed in on ongoing debate over Bitcoin ETFs, stating in recent interview that approval for spot Bitcoin Exchange-Traded Fund is 'inevitable'
Former SEC Chair Says Spot Bitcoin ETF Approval Is 'Inevitable'
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In a recent CNBC interview, Jay Clayton, former chair of the U.S. Securities and Exchange Commission (SEC), stated that the approval of a spot Bitcoin Exchange-Traded Fund (ETF) is inevitable.

Clayton's comments come on the heels of a court ruling that labeled the SEC's previous rejection of Grayscale's ETF application as "arbitrary and capricious," a decision many experts interpreted as clearing the path for future approvals. 

Clayton noted that the deferral timelines align relatively well with the window for action from the DC Circuit Court, suggesting that the SEC is taking time to make its next moves carefully.

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The regulatory body faces challenges in managing an ever-evolving cryptocurrency landscape. In the interview, Clayton stressed the difficulty in navigating the lines between securities and nonsecurities within the crypto sector, especially considering past instances where companies sidestepped public regulation while conducting what amounted to public offerings in the crypto space.

Notably, Clayton pointed out that trusted financial providers who have fiduciary duties are keen on offering Bitcoin products to the retail public, which could potentially boost the level of adoption of the world's largest cryptocurrency. 

Large financial institutions are claiming the cash markets for Bitcoin are now robust enough to withstand manipulation, a shift that Clayton acknowledges. With more deadlines for SEC decisions looming in mid-October, the coming weeks are shaping up to be a pivotal time for the cryptocurrency market and its regulatory landscape.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at