Bitcoin ETF approval could be ‘hard to resist,’ ex-SEC chair Jay Clayton says
Jul. 10, 2023
By Mike Dalton
Sufficient surveillance sharing agreements could convince the SEC to approve a spot Bitcoin ETF, according to the agency's former chair.
Former SEC chair Jay Clayton suggested during a CNBC interview on July 10 that regulators could soon feel compelled to approve a spot Bitcoin ETF.
Clayton explained that the U.S. Securities and Exchange Commission (SEC) has previously chosen to reject spot Bitcoin ETFs while approving futures Bitcoin ETFs based on the latter’s surveillance sharing agreements and protections.
He suggested that this situation has changed, stating:
“I think what the institutions are arguing is that those distinctions have gone away, and now the spot product is actually less drag [and] more efficient for the investor … If they’re right … it would be hard to resist approving Bitcoin ETF.”
He did not predict when the SEC might approve a spot Bitcoin ETF but noted that the regulatory process has taken some time already.
Clayton’s comments are critical in light of the recent re-emergence of ETF applicants. BlackRock, the world’s largest asset manager, submitted its spot Bitcoin ETF proposal on June 15. Its filing was followed by applications from several other asset management firms, including Bitwise, WisdomTree, Invesco, Valkyrie, VanEck, and Fidelity.
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