‘I think approval is inevitable’

former sec chair bitcoin etf approval is inevitable

  • SEC delayed its decision this week on applications for a Bitcoin ETF.
  • Former SEC chair Jay Clayton talked Bitcoin ETF with CNBC on Friday.
  • The world’s largest cryptocurrency is down 18% versus its YTD high.

The U.S. Securities and Exchange Commission delayed its decision on a bunch of applications for a Bitcoin ETF this week.

Jay Clayton talks Bitcoin ETF with CNBC

Applicants that its most recent deferral affected include WisdomTree, Valkyrie, Invesco, Vaneck and BlackRock Inc.

Still, Jay Clayton – the former Chair of the Securities & Exchange Commission is convinced that approval for the said exchange-traded fund is a matter of “when” and not “if”. On CNBC’s “Squawk Box”, he said:

Bitcoin is not a security. So, I think an approval is inevitable. The dichotomy between a futures product and a cash product can’t go on forever. That’s the path we are on.

At writing, the world’s largest cryptocurrency is down about 18% versus its year-to-date high in mid-July.


Why is SEC delaying deciding on Bitcoin ETF?

Clayton sees the hype around a Bitcoin ETF as a tell that retail and institutional investors alike want access to the digital asset.

Note that a U.S. court ruled in favour of Grayscale this week in its lawsuit against the SEC (find out more). According to the former head of that government agency:

SEC has been given time by the DC Circuit to reassess and perhaps come up with other reasons. Maybe there will be some but I don’t see those.

A Spot Bitcoin ETF is a big deal as many experts believe it could boost demand for the cryptocurrency which may eventually translate to significant price appreciation.

Source link

Lascia un commento

Il tuo indirizzo email non sarà pubblicato. I campi obbligatori sono contrassegnati *

Social media & sharing icons powered by UltimatelySocial
%d blogger hanno fatto clic su Mi Piace per questo: