The approval of Bitcoin ETFs in the United States is "inevitable", according to former Securities and Exchange Commission (SEC) chairman Jay Clayton.
In an interview with CNBC on Monday, Clayton said that the SEC is "comfortable" with the release of Bitcoin ETFs from companies such as BlackRock and Fidelity. He added that the dynamic of the cryptocurrency market has improved in recent years, making it less likely that an ETF would be manipulated or used for fraud.
"I think the approval is inevitable," Clayton said. "There's not much more to be decided."
The SEC has denied all previous applications for Bitcoin ETFs, citing concerns about market manipulation and fraud. However, Clayton said that the agency's concerns have been addressed by the development of new infrastructure to custody and protect Bitcoin.
"The infrastructure has improved," Clayton said. "The market is better understood. And I think the SEC is comfortable with the release of these products."
Clayton's comments come as a number of companies have filed applications for Bitcoin ETFs with the SEC. The agency is expected to make a decision on at least one of these applications by January 10.
Conclusion:
The approval of Bitcoin ETFs would be a major milestone for the cryptocurrency industry. It would make it easier for investors to access Bitcoin, and it could lead to increased institutional investment in the cryptocurrency.
