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- 1 Former SEC Chair said in a recent interview that spot Bitcoin ETF approval is inevitable despite delays.
- 2 SEC delays its decision on Bitcoin ETFs that reportedly affect BTC price.
The former Securities and Exchange Commission (SEC) chair believes that Bitcoin ETF approval is still going to happen at some point. As the U.S. SEC is delaying its decisions on several Bitcoin exchange-traded funds (ETFs), the former SEC chair has shared his thoughts in a recent interview.
However, the SEC has more than a month to approve, deny, or delay its decision on Bitcoin ETF applications from 7 major industry players. These include BlackRock, WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie, and Fidelity.
Bitcoin ETF Approval is Inevitable: Jay Clayton
Jay Clayton, a former SEC Chair, attended Squawk Box’s interview yesterday September 1, 2023. During his virtual appearance, he says “Bitcoin ETF approval is inevitable.”
Former SEC Chair also clarifies that “Bitcoin is not a security. It is something that retail investors want access to and importantly some of our most trusted providers want to provide this product to the retail public.”
Clayton also said major financial institutions backing spot Bitcoin investment vehicles showed a shift in how retail investors could get exposure to crypto. On August 31, 2023, the SEC designated a longer period in which it could review spot BTC ETF applications from the 7 leading firms.
As SEC has nearly a month upon publication of the notice in the Federal Register to approve, deny, or again delay the ETF applications from the 7 major firms. Former SEC Chair said he expects to see “progress on this going forward.”
The SEC may keep pushing the deadlines on the applications until March 2024. As Clayton “An approval is inevitable. The dichotomy between a futures product and a cash product can’t go on forever.”
The recent discussion “echoed that of the U.S. Court of Appeals Circuit Judge Neomi Rao, who, along with two other judges, ordered the SEC to review asset manager Grayscale’s application to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF.” Rao said that the SEC had already approved BTC futures ETFs while also suggesting Grayscale’s offering was “materially similar.”
It can be seen that the ETF application delays came in quick succession on August end. This was ahead of the Labor Day holiday weekend in the United States. Meanwhile, the next deadline for major spot BTC applications under review falls on October 7, 2023, when the U.S. SEC is expected to make an announcement about the offering from fund manager Global X.
Amidst all these happenings, BTC price has shown a bearish market trend. As in the last month, BTC price dropped over 11% while at press time, it is trading at $25.819.18. The above chart shows the recent 1-month price performance of most traded cryptocurrencies that mostly experienced bearish trends.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
