Bitcoin ETF Approval ‘Hangs in the Balance,’ Hopes Up on New SEC Chairman

By Nivesh Rustgi
Published June 20, 2020 Updated June 29, 2020
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jay clayton sec new sdny attorney
Former SEC Chairman Jay Clayton in CNBC Interview on Retail Investor Protection

Bitcoin ETF Approval ‘Hangs in the Balance,’ Hopes Up on New SEC Chairman

By Nivesh Rustgi
Published June 20, 2020 Updated June 29, 2020

U.S. President Donald Trump has appointed Jay Clayton to serve as the United States Attorney for the Southern District of New York (Manhatten Area). The designation is a big upgrade as now he will hold the ‘most powerful prosecutor’s office in the world.’

Micheal Novogratz, founder of Galaxy Digital tweeted,

Have to think Jay Powell (Clayton) leaving the SEC is good for $BTC. Makes etf more likely. Let’s hope his successor is a futurist.

Crypto and SEC Under Jay Clayton

For Bitcoiners, Clayton term will be remembered as the one with the delay and rejections. Until recently as well, the SEC under him held their views on manipulation in the crypto markets.

Nevertheless, on the bright side, the SEC a fairly good job in differentiating between crypto assets, and curbing on the ICOs. Many ICOs including Kik, EOS, Telegram and so on were labelled as the illegal sale of securities in accordance with the Securities Act of 1933. Preston Byrne, lawyer and partner at Anderson Law Kill noted,

I think he did a good job at the SEC and read the tech more or less correctly. He determined Bitcoin wasn’t a security, after all.

About the Future SEC Chairman

The decision on the appointment of the new SEC Chairman is pending.

Moreover, Trumps’ appointment is being contested by the former Attorney for the SDNY, who says, “I have not resigned.” He is seeking the confirmation of Clayton’s appointment by Trump from the Senate.

Geoffrey Berman who currently holds the position has defied the US Attorney General’s statement on his resignation. It is believed that the reason for the instant appointment and discontentment has something to do with Berman’s prosecutions of allies of President Donald Trump and an investigation into Rudy Giuliani.

The Senate might vote against Trump’s appointment. Nevertheless, for now the die has been cast and with it hangs the future of Bitcoin ETF in the US. Jake Chervinsky, a U.S. lawyer who speaks on the issues related to crypto regulations noted,

Our chance at ETF approval & clarity on a wide range of issues for years to come hangs in the balance.

Do you think that Trump’s dislike for Bitcoin will factor in the appointment of the new Chairman? Please share your views with us. 


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)

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