NewsletterFormer US SEC Chair Jay Clayton: Spot Bitcoin ETFs Should Be Approved
Crypto Market News: Former U.S. Securities and Exchange Commission (SEC) Chair Jay Clayton on Monday indicated that there was a clear shift in the way futures and spot Bitcoin markets are viewed at, in the wake of the recent flurry of spot ETF applications from the likes of asset managers Blackrock, Fidelity and Valkyrie. He said there is a reasonable chance that the US regulators may approve the spot ETF applications if the distinction in protection and surveillance between the two products is explained. This comes after Standard Chartered bank reviewed its Bitcoin price prediction for the next two years.
Also Read: Standard Chartered Revises Bitcoin (BTC) Price Prediction To $50000, $120K In 2024
In an interesting shift of attitude, Clayton, who was a crypto skeptic during his time at the SEC, on Monday admitted that he was ‘very skeptical’ of the Bitcoin market when he was SEC Chair. However, he suggested that the current circumstances are ripe for approval of the spot ETF.
Time For Spot Bitcoin ETF Approvals
Speaking to CNBC on Monday, Clayton said it was earlier perceived that only the futures market offered the surveillance and protections in the market for the end investor, as against the spot ETF application. However, the spot ETF seekers argue that the distinction is not existent anymore. Hence, if the applicants can demonstrate that the spot market has similar efficacy to the futures market, Clayton said, it would be difficult to turn down the spot Bitcoin ETF applications, following the precedent set by the previously sanctioned futures based ETFs.
“I was very skeptical with trading in the Bitcoin market when I was SEC Chair. But if you can demonstrate that the spot market has similar efficacy to the futures market, it would be hard to resist approving a Bitcoin ETF.”
Meanwhile, the crypto market continues to be strangled in legal crosshairs as Coinbase and Binance fight the SEC over charges of violating securities laws.
Also Read: $500 Million Crypto Asset Inflows Set Bulls Retaking $50K Bitcoin (BTC) Price
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Toncoin (TON), Plasma (XPL) Rebound as Coinbase Announces Listing
- Hyperliquid Pool Sees $4.9M Loss Amid POPCAT Whale Market Exploit
- SUI Network Gets Major Boost From $100M Astro Perp DEX Success and Stablecoin Launch
- Nasdaq Certifies Canary Capital XRP ETF for Trading Ahead of Milestone Launch Today
- Breaking: President Donald Trump Signs Bill to End Government Shutdown, Bitcoin Bounces
- Is Dogecoin Price Set for a Rally After 4.72 B $DOGE Whale Accumulation?
- XRP Price Shows Early Signs of Recovery Ahead of the First U.S. XRP ETF Debut—Rally Ahead?
- What’s Next for XRP, DOGE And ADA Ahead of U.S. Government Shutdown Resolution
- FUNToken is Trending Sideways Ahead of the $5M Giveaway: Is It Accumulating?
- Death Cross Triggers Sell Signals for Cardano Price— Will ADA Retest $0.50?
- Sui Price Set for a $5 After Launch of USDsui Native Stablecoin
