Bitcoin spot ETF issuers have submitted amended filings, announced fee structures, and injected seed funds on January 8th. At this time, SEC Chairman Gary Gensler’s tweet urging caution on crypto-related risks is seen as a final reminder before issuance. Former SEC Chairman Jay Clayton also stated in a CNBC interview that approving ETFs is a must.
Jay Clayton was asked whether the SEC will approve a Bitcoin ETF, and he believes that approval is inevitable and there are no remaining doubts to be resolved. He pointed out that the SEC is satisfied with the information disclosed by all parties. Joe Kernen, the CNBC host, has just learned about the cost of investing in a Bitcoin ETF, which is the information that needs to be known to understand the Bitcoin trading market. It has become strong and efficient enough. Bitcoin is much better than five years ago when there were concerns about wash trading and money laundering. These previous risks were the main reasons why they were not open to the public.
He mentioned the last reason is the progress in custody, creation, and redemption mechanisms. He admitted that he may have made a wrong prediction, but he does believe that a Bitcoin spot ETF will be approved.
When Jay Clayton was interviewed by CNBC in September last year, he maintained a positive view on a Bitcoin spot ETF, but his argument was slightly different. He stated that the dichotomy between futures and spot products cannot continue indefinitely.
Gary Gensler
Jay Clayton
Bitcoin spot ETF
Further reading
Is the approval of a Bitcoin ETF really important? Venture partner Adam Cochran: Short-term impact is minimal.
International investment banks: In order to avoid a repeat of the Grayscale case, the SEC will approve a Bitcoin spot ETF.