#MyFirstFeedPost Former SEC chairman (ex), says approval of bitcoin ETF is “inevitable”

Cointelegraph Published on January 9, 2024 at 10:36 am.

Jay Clayton, a former chairman of the United States Securities and Exchange Commission, stated last Monday, 8, that it is "inevitable" that a bitcoin ETF will be approved by the regulatory body.

In an interview with CNBC, Clayton said it is now "certain" that the SEC will approve the first spot bitcoin ETF for trading in the United States. "I think approval is inevitable. There is nothing more to be decided," he highlighted.

Clayton believes approval of an ETF is "imminent," noting that cryptocurrency market dynamics have improved over the past five years.

"Five years ago, there was money laundering, there were pyramids, there were all kinds of things that you wouldn't want to make available to the general public because of the associated risks," he said.

Additionally, Clayton praised the SEC for "getting to the point where it is," with the agency comfortable with releasing bitcoin ETFs from companies like BlackRock and Fidelity. He added that, until now, there has not been an adequate level of infrastructure to adequately custody and secure the cryptocurrency in a way that makes it accessible to traditional financial market entities.

Outside of the cryptocurrency market specifically, Clayton praised advancements in blockchain technology for its ability to tokenize and enable the trading of real-world assets.

"This is a huge step, not just for bitcoin, but for finance in general. If you can tokenize underlying assets and trade them that way. This is a potentially significant change in finance, not just in the 'crypto space'" , highlighted the former president of the SEC.

intends to charge for the administration of its investment products after approval. Source: exame.com