Former SEC Chair Affirms: ‘Nothing Left To Decide,’ Bitcoin ETF Approval Imminent
January 08 2024 - 9:00PM
NEWSBTC
As anticipation builds around major asset managers’ potential
approval of Bitcoin ETF applications, former US Securities and
Exchange Commission (SEC) chair Jay Clayton has added his voice to
the discussion. Clayton, who served as SEC chair from 2017 to
2020 during the Trump administration, expressed his belief in the
inevitable approval of Bitcoin ETFs in a recent interview with
CNBC. Clayton Highlights Key Factors In Bitcoin ETF Approval
According to Clayton, approving Bitcoin ETFs is not a matter of if
but when. He emphasized the robustness and efficacy of the Bitcoin
trading market, stating that it has significantly improved over the
past five years. Clayton also highlighted the importance of
the technology supporting these ETFs, particularly the custody,
creation, and redemption processes. Clayton views the ability
to tokenize and digitize underlying assets as a major step forward,
with implications beyond the crypto space. Clayton believes that
this development has the potential to bring about significant
changes in the broader financial industry. Related Reading: Shiba
Inu Breakout To $0.001? Rumored 9.25 Trillion SHIB Token Burn Could
Be The Catalyst Clayton’s recent comments align with his previous
statements, demonstrating a consistent stance favoring Bitcoin ETF
approval. During his tenure as SEC chair, Clayton expressed
skepticism about the BTC market but acknowledged the emergence of
reputable institutions in the crypto industry as a game-changing
development. Clayton emphasized the efficiency of a spot
Bitcoin ETF for investors. He noted that approving a Bitcoin Spot
ETF would become difficult to resist if institutions can
demonstrate their effectiveness compared to the futures
market. Clayton also recognized the significance of
institutional players entering the crypto industry, as their
involvement lends credibility and addresses some of the SEC’s
concerns regarding market manipulation. Moreover, Clayton
highlighted the increasing demand from retail investors to gain
regulated exposure to Bitcoin through investment products. He also
noted that reputable financial industry providers are eager to
offer Bitcoin ETFs to the public. These factors underscore
the market’s readiness for regulated investment vehicles that can
provide broader access to cryptocurrencies while maintaining
investor protections. Trading Expected To Commence This Week CNBC
has reported that trading of Bitcoin ETFs could commence within
days. The news aligns with former SEC Chair Jay Clayton’s
optimistic outlook on Bitcoin ETF approval, adding to the growing
anticipation surrounding these investment products. According
to CNBC correspondent Kate Rooney, two sources close to the process
have indicated that Wednesday will likely be the day of the
ultimate approval. According to CNBC’s sources, this
coincides with the application deadline for Ark Invest and 21
Shares, raising the possibility of a trading launch between
Thursday and Friday. As the SEC receives updates on the
filings, Rooney concluded that several applications are expected to
be given the green light. Related Reading: A Bullish
Beginning? $151 Million Poured Into Crypto Funds In 2024’s First
Week Overall, the imminent approval would indicate a shift in
acceptance of cryptocurrencies within the regulatory landscape and
present an opportunity for investors to access Bitcoin through
regulated investment vehicles. As of this writing, the
excitement surrounding the approval has sent Bitcoin to the $46,900
mark, up more than 6.8% in the past 24 hours. Featured image from
Shutterstock, chart from TradingView.com
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