Spot bitcoin exchange-traded fund (ETF) approval is 'inevitable,' according to former SEC chairman Jay Clayton.
“The dichotomy between a futures product and cash product can’t go on forever,” Clayton said.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.The United States will eventually have a spot bitcoin exchange-traded fund , according to Jay Clayton, former chairman of the U.S. Securities and Exchange Commission .
"It is clear that bitcoin is not a security. It is clear that bitcoin is something that retail investors want access to, institutional investors want access to, and, importantly, some of our most trusted providers who are fiduciaries or have duties of best interest want to provide this product to the retail public. So I think [...] an approval is inevitable," ClaytonFutures-based bitcoin ETFs already exist in the U.S., but the SEC has yet to approve a spot bitcoin ETF.
The ruling means if the SEC wants to reject Grayscale's proposal again, it would have to do so based on fresh objections or other reasons besides fraud and market manipulation risks in the spot bitcoin market. Clayton acknowledged the possibility of a fresh rejection based on new reasons, but also said he's not sure what those reasons would be.
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