Former SEC Chair Jay Clayton: Approval for Spot Bitcoin ETFs Inevitable as Major Institutions Show Support
Summary:
Former SEC chair Jay Clayton believes approval for spot Bitcoin exchange-traded funds (ETFs) is inevitable as major financial institutions show support. The SEC has extended the review period for several spot BTC ETF applications. The next deadline for major spot BTC applications is on October 7.
Former chair of the United States Securities and Exchange Commission (SEC), Jay Clayton, expressed his belief that approval for spot Bitcoin exchange-traded funds (ETFs) would happen eventually. In an interview with CNBC on September 1, Clayton pointed out that the backing of major financial institutions in spot Bitcoin investment vehicles indicated a shift in how retail investors can access crypto. The SEC recently extended the review period for spot BTC ETF applications from BlackRock, WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie, and Fidelity. Clayton expects to see progress in this area going forward, and the SEC can delay the application deadlines until March 2024. He stated, "An approval is inevitable." This argument aligns with U.S. Court of Appeals Circuit Judge Neomi Rao's opinion that the SEC should review Grayscale's application to convert its Bitcoin Trust into a spot Bitcoin ETF, as the commission has already approved BTC futures ETFs. The recent delays in ETF applications came just before the Labor Day holiday weekend, and the next deadline for major spot BTC applications is set for October 7, when the commission is expected to make an announcement regarding Global X's offering.
Published At
9/1/2023 5:01:35 PM
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