SEC Former Chair, Jay Clayton States- Bitcoin ETF is Inevitable

There is a little delay in the decision of the Bitcoin ETF approval, finalizing the outcomes on January 10th by the SEC. The exchanges around the U.S. are eagerly waiting for the conclusion. The regulatory authority will allow the trading of Bitcoin ETF in the U.S., as concluded from the statements of Jay Clayton. 

The SEC chair said that the approval of Bitcoin ETF is inevitable and nothing is left to make a decision on it. He agrees that the ETF approval is imminent, keeping in mind the underlying market dynamics for Bitcoin have improved drastically over the last five years.

The authority has rejected all the applications to spot Bitcoin ETF over the last ten years, stating concerns over potential market manipulation and fraud. He said, “Five years ago, there were wash sales, there was laddering, there were all sorts of things that you wouldn’t want to make available to the general public because of that risk.”

Jay Clayton Praised SEC Work Regarding Bitcoin ETF

Clayton praised the Security and Exchange Commission for “where they are”, saying that it was a breakthrough for the firms to get comfortable with Bitcoin ETF disclosures from firms like BlackRock and Fidelity.

Further, he added that until now there is a dearth of infrastructure to properly captivate and secure Bitcoin in a way that makes it accessible to traditional financial market participants.

Besides the crypto market, Clayton commends the development of blockchain technology for its ability to tokenize and trade real-world assets. He expressed his views that it is a big step in finance in which underlying assets are tokenized and traded. It is a big change not only in the crypto world but in finance as well.

The experts in the field have predicted the decision regarding Bitcoin ETF by the regulatory authority. As a result, a stream of changed S-1 and S-3 fillings from prospective Bitcoin ETF issuers flooded into the SEC in January. The issuers have disclosed the fees they want to charge on their products following approval.

James Seyffart, Bloomberg ETF analyst said that the storm of amended filings was a sign that the regulator was accelerating things for this week. He has predicted that the chances of Bitcoin ETF approval on January 10th are about 90%.

In a January 9 post to X, Seyffart added that investors can see amendments in the S-1 and S-3 filings in the following days. These are the forms filed in expectation of Initial Public Offering. It is a registration statement.

Summary

The former chairman of the Security and Exchange Commission, Jay Clinton stated the approval of Bitcoin ETF is inevitable. The exchanges are flooding the SEC with s-1 and s-3 forms declaring the fees that they want to charge the products.

The weighted decision is yet to come on January 10th. However, experts have already predicted the outcome, and crypto enthusiasts seem filled with excitement.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.