Former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton has commented on ongoing Bitcoin (BTC) spot exchange-traded fund (ETF) filings by asset managers including BlackRock, WisdomTree, and Ark Invest.
Despite the SEC’s cautious approach and application delays, Clayton believes a bitcoin ETF approval is inevitable.
at the latest interview In an interview with CNBC, Clayton highlighted the needs of retail investors and the willingness of trusted providers to make this investment product available to the public.
“Bitcoin is clearly not a security”
Several major asset managers have filed bitcoin spot ETF applications seeking SEC approval. However, regulators have yet to approve any of these proposals, putting the approval process on hold.
Despite the SEC’s concerns about market manipulation, investor protection and custody of digital assets, the industry and investors are eagerly awaiting a breakthrough.
Clayton made the big statement in a CNBC interview, saying: “It’s clear that bitcoin is not a security.” This distinction is crucial because securities fall under the SEC’s regulatory jurisdiction.
Clayton’s view underscores the unique nature of bitcoin as a decentralized digital currency, which has gained popularity among retail investors seeking access to the nascent asset class.
Clayton highlighted the growing demand from retail investors to invest in Bitcoin through regulated investment products. Additionally, he noted that reputable providers within the financial industry are eager to offer bitcoin ETFs to the public.
The confluence of investor interest and the desire for a trusted provider to meet this demand strengthens Clayton’s assertion that the approval of a bitcoin spot ETF is inevitable.
While the timing of the approval remains uncertain, Clayton’s comments serve as a reminder of the potentially disruptive shift that could come with the approval of a bitcoin spot ETF. Such approval would make Bitcoin more accessible and regulated for retail investors, potentially driving further adoption and mainstream acceptance of the cryptocurrency.
Seven Bitcoin Spot ETF Applications Face Delays, Eyeing October Approval?
as to report According to Bitcoinist, the U.S. Securities and Exchange Commission (SEC) announced the postponement of the WisdomTree Bitcoin spot ETF application review process. The delay is part of a series of delays affecting other ETF applications, including those filed by Invesco, Galaxy Digital and Valkyrie Funds.
Assessing the situation, Bloomberg’s ETF expert James Seyffart speculates that the review process could take another 45 days, potentially pushing the approval timeline beyond October.
Seifat further Express He believes there is currently “zero chance of approval before October” given the current situation.
While market participants await further communication from the SEC on the timeline and next steps, Seyffart’s statement underlined the need for caution. That suggests the approval process may be taking longer than initially expected.
Market participants are closely monitoring developments as the delay affects multiple ETF applications. The SEC’s decision will undoubtedly have a profound impact on the broader crypto ecosystem and investor sentiment.
While the exact timeline for approval remains uncertain, industry experts and market participants eagerly await further updates from the SEC as they navigate the complex regulatory environment.
Featured image via iStock, chart via TradingView.com