- Former SEC Chairman recently spoke about spot Bitcoin ETFs. So, he believes the approval is imminent.
- He argues that the Grayscale win against the SEC will play a huge role.
The crypto industry is constantly battling the issue of approval for many things. Apparently, for the longest time, the US crypto landscape continues to look for approval in spot Bitcoin ETFs. Here’s what the former SEC Chairman said.
Positive Outlook of the Bitcoin ETF Applications
- For the past few days, some things within the crypto industry worked for its good. Apparently, one of them was when a federal court recently ruled against the U.S. Securities and Exchange Commission (SEC). According to this law court, the SEC had no authority to refuse Grayscale’s Bitcoin Trust conversion into a spot Bitcoin ETF. Hence, the court told the SEC to accept the Grayscale conversion to spot Bitcoin ETF immediately.
- In a statement, JPMorgan said the SEC is in a tight corner. Apparently, the recent ruling by the US judge might make the US regulator fall under pressure to approve the remaining ETFs. According to their analysis, it will appear as partial and at some awkward time for the SEC to approve the spot Bitcoin ETF application of Grayscale and leave others. So, other applicants, including firms like Blackrock, will get their application approval.
Former SEC Chairman Says Spot Bitcoin ETF Imminent
- According to the former SEC Chairman Jay Clayton, he says the approval of spot Bitcoin ETFs is imminent. Apparently, he made these statements while speaking to CNBC about the current situation. Former SEC Chairman believes that Bitcoin is not a security. Hence, the SEC should stop having issues with approving these spot ETFs.
- Former SEC Chairman says that the SEC approving futures Bitcoin ETFs and disregarding the spots won’t go on forever. So, no matter what time it takes, the SEC will still be under pressure to approve these spot ETFs. The former SEC Chairman argues that Bitcoin is neither a security nor a traditional investment vehicle. Instead, the currency is a digital asset that has captured considerable interest from investors.
Amidst Former SEC Chairman Statements, Bitcoin ETFs is the Gateway for Major Crypto Adoption
- In the middle of the statements from the former SEC Chairman, Bitcoin spot ETFs will serve as the primary gateway to prominent crypto adoption. Apparently, the Bitcoin ETFs will act as a bridge between traditional financial markets and the rapidly evolving crypto space.
- This way, those who want to try out Bitcoin can do so without needing a crypto wallet. Nevertheless, crypto investors should be cautious, as the news doesn’t mean the SEC will approve it.
Conclusion
Former SEC Chairman Jay Clayton recently backed the approval of spot Bitcoin ETFs in the United States. According to him, it made no sense that Bitcoin futures ETFs are getting approval while the spots aren’t. So, according to him, with the recent win by Grayscale at the court, the SEC will get massive pressure to approve the spot ETFs.
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