Speaking to CNBC, former US Securities and Exchange Commission (SEC) Chair Jay Clayton said that a Spot Bitcoin ETF approval is “inevitable.” Indeed, Clayton discussed the arrival of the exchange-traded fund on the heels of the SEC’s delayed decision on a host of applications.
In the interview, Clayton noted that the interest from retail investors is clear. While also stating that “trusted providers” are seeking to bring the product to retail. Subsequently, he noted that the actual arrival of the offering is all but an inevitability.
Also Read: SEC Delays Decision for BlackRock Spot Bitcoin ETF
Former SEC Chair Believes Spot Bitcoin ETF Approval is Inevitable
The influx of spot Bitcoin ETF applications has certainly become one of the most interesting developments in the digital asset industry. Not only digital asset entities but traditional finance institutions like BlackRock and Fidelity have sought to bring the product to market. Yet, amid the SEC’s delay in making decisions on the applications, a former chairman of the agency is speaking out.
Talking to CNBC’s Squawk Box, former SEC Chair Jay Clayton expressed his belief that spot Bitcoin ETF approval is “inevitable.” Moreover, he discussed consumer and provider interest and how it is undeniably linked to the eventual arrival of the offering in the United States.
Also Read: SEC Delays Valkyrie, WidsomTree Spot Bitcoin ETF Applications
“It is clear that Bitcoin is not a security. It is something that retail investors want access to, and importantly, some of our most trusted providers want to provide these products to the retail public,” Clayton stated. “Approval is inevitable.”
Thereafter, Clayton addressed the presupposition that investors are safer when using futures ETFs, versus spot ETFs. He stated, “There are now large institutions with surveillance mechanisms who are coming in and saying, ‘No, that’s not the case.'”
Ultimately, Clayton says that the SEC has been afforded the opportunity to “reassess and come up with other reasons” to deny applications. However, Clayton said he “doesn’t see” those other reasons. Conversley says Clayton does expect to see “progress on this going forward” from the SEC.