© Reuters
Investing.com – Former US Securities and Exchange Commission Chairman Jay Clayton said that an investment fund should be accepted.
Jay Clayton said in an interview on CNBC that with the SEC accepting Bitcoin futures contracts earlier, their goal was to provide greater protection for traders in Bitcoin and distinguish it from traders on spot currencies.
But he followed up by saying that at the present time, spot contracts have become more stable and safer for customers and traders, and there is something to govern them, so he believes that the Securities Commission should accept Bitcoin investment funds provided by BlackRock, Fidelity, and others.
Is Approval of a Bitcoin ETF Hard to Resist?
The uptick in Spot Bitcoin ETF offerings has been a somewhat surprising development this year so far. In fact, they clearly signaled a change in perspective from traditional finance voices. However, interest from these entities now ultimately depends on the US Securities and Exchange Commission (SEC), and whether or not it will approve their creation.
However, former SEC Chairman Jay Clayton said approval of a Bitcoin ETF would be “hard to resist.” Specifically, in a recent interview with CNBC, he discussed the progress the industry has made, and why it would be difficult to refuse ETF approval.
“The fact that we have these institutions that know the markets better than anyone and say we’re going to put our reputation behind them, I find that very remarkable,” Clayton said. “What the institutions are arguing is that these distinctions have dissolved, and now the spot product is less resistant and more efficient for investors,” he added.
On the contrary, Clayton also pointed out that the regulatory process is delicate. Thus, he does not expect to get an answer in the short term. However, he noted that approval would need regulatory safeguards, which would depend on the continued establishment of such by the SEC.
Clayton is notorious in the digital asset industry for starting a lawsuit against a company for the year 2020. Moreover, this legal action is still ongoing and has become a major point of contention between the industry and the regulator. However, from that point on, Clayton softened his stance on the industry. He even held a consulting position at Fireblocsk, a cryptocurrency company.
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2023-07-10 16:05:00
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