Former SEC chair Jay Clayton has expressed his belief that approval for a spot Bitcoin ETF is “inevitable.” In an interview with CNBC, Clayton discussed the challenges faced by the SEC in regulating the cryptocurrency space and revealed his optimism for upcoming ETF approvals.
Clayton acknowledged that the SEC had postponed decisions on various Bitcoin ETFs, but he explained that this was not surprising given the complexity of the job. He noted that when cryptocurrencies first emerged, many offerings were clearly non-compliant with securities laws. However, the SEC is now dealing with a broader range of crypto offerings, some of which have shown promise.
Although Clayton declined to comment on whether he would approve a spot Bitcoin ETF if he were still in charge of the SEC, he did assert that Bitcoin is not a security. He also highlighted the fact that the SEC has previously approved Bitcoin futures ETFs, which he believes indicates a path towards approving spot Bitcoin ETFs.
Clayton mentioned that large institutions and surveillance-sharing mechanisms are now in place for prospective spot Bitcoin ETFs. According to him, these were the only objections the SEC had in the past. He sees them as evidence that an approval for a spot Bitcoin ETF is inevitable.
The timing of Clayton’s comments coincided with the SEC’s decision to delay rulings on several proposed Bitcoin ETFs. The regulator will make a decision on these in mid-October. Clayton’s statements were also a response to Anthony Pompliano, who argued that a spot Bitcoin ETF would be approved and result in significant inflows of capital.
Overall, Clayton’s belief that approval for a spot Bitcoin ETF is inevitable indicates a growing acceptance and understanding of cryptocurrencies within regulatory circles. As more institutions and mechanisms are established in the crypto market, the path towards approving a spot Bitcoin ETF becomes clearer.
