Former U.S. Securities and Exchange Commission (SEC) chairman Jay Clayton is bullish on the prospects of a spot Bitcoin (BTC) exchange-traded fund getting approved.
Clayton says in a CNBC interview that the greenlighting of a spot Bitcoin ETF by the SEC is “inevitable”.
“I think there’s nothing left to decide… I credit the SEC for where they are. Where are we? We’re comfortable with the disclosure… People need to know what the cost of doing it is [the cost of investing in a Bitcoin ETF]. They need to know about the underlying Bitcoin market.”
According to the former SEC chair, the Bitcoin market has witnessed various improvements over the years.
“The Bitcoin underlying trading market is something that I would say is robust enough, efficacious enough where you can rely on it. It is much better today than it was five years ago. Five years ago, there were wash sales, there was laundering, there were all sorts of things that you wouldn’t want to make available to the general public because of that risk
And the last thing, I think this is missed, is the technology to actually provide the product. The custodying… the create, the redeem. This is a big step not just for Bitcoin but for finance generally.”
Bitcoin is trading at $46,596 at time of writing, up by a little over 5% over the past 24 hours.
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