Former SEC Chairman Jay Clayton suggested that US securities regulators are likely to approve a Bitcoin ETF during a September 1 interview with CNBC.
Nevertheless, Clayton said he was not surprised that the US Securities and Exchange Commission (SEC) had delayed decisions on several pending Bitcoin ETFs.
He went on to explain that “the task for the SEC is challenging.” Clayton explained that when cryptocurrency first emerged, the securities regulator had to deal with offers that were clearly inconsistent with securities laws. But now the SEC is dealing with a broader crypto offering, including some that have “shown clear promise.”
Clayton declined to say whether he would approve a spot Bitcoin ETF if he remained in charge of the SEC, but stated that Bitcoin is not a security.
Clayton also expressed optimism about upcoming ETF approvals, in light of the SEC’s previous approval of Bitcoin futures ETFs. He said:
“… An approval is inevitable. The dichotomy between a futures product and a cash product [ie. a spot Bitcoin ETF] I can’t go on forever… I think this is the path we’re on.’
He claimed that participation from major institutions and oversight sharing mechanisms exist for potential spot Bitcoin ETFs. He said that, to his knowledge, this is the only objection the SEC has had in the past to tracking down Bitcoin ETFs.
Clayton commented after other developments
Clayton made his statements just one day after the SEC delayed decisions on several proposed Bitcoin ETFs. The regulator will make a decision on these ETFs and associated proposed rule changes on various dates starting in mid-October. The SEC will accept or reject the proposals at that time.
Many of Clayton’s statements were also in response to Anthony Pompliano, who was also interviewed by CNBC today. Pompliano argued that a spot Bitcoin ETF “will be approved” and will result in billions in inflows.
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