Jay Clayton, the former Chair of the U.S. Securities and Exchange Commission (SEC) expressed confidence on the probability of the first spot Bitcoin ETF product getting approved in the United States. He said the retail investors are willing to gain access to the cryptocurrency while the large institutions with surveillance mechanisms like Blackrock want to provide the product to the retail investors.
Clayton’s comment comes at a jubilant time in the crypto market, where the chances of getting the first ever spot Bitcoin ETF got better thanks to the recent court judgment granting approval to Grayscale’s motion to allow the conversion of its GBTC Bitcoin Trust into a spot ETF. However, the Bitcoin price is yet to show signs of bullish trend over the development.
Spot ETF “Approval Is Inevitable”
The former SEC Chair said the approval of spot ETF is inevitable in the current circumstances, as the large financial institutions like Blackrock, Fidelity and Ark Invest have grown confidence in cash trading in relation to the crypto assets. He said the companies have cleared the air around fears that the trading was manipulative. Clayton added,
“It is clear 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. An approval is inevitable.”
Earlier, CoinGape reported analyst comments that the odds for approval rose to 75% over the court’s granting the Grayscale motion to convert the company’s Bitcoin Trust (GBTC) into a spot Bitcoin ETF. On August 29, 2023, the US Court of Appeals for the District of Columbia Circuit handed the company a win the lawsuit against the federal regulatory agency.
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