Former SEC Chairman Jay Clayton believes that the regulator simply has no other option but to approve the launch of bitcoin spot ETFs.
In a new interview on CNBC’s Squawk Box program, Jay Clayton said that approving applications for spot ETFs is inevitable because it has become obvious to everyone that bitcoin is not a security.
“It’s clear that bitcoin is not a security. It’s clear that retail and institutional investors want access to it. And more importantly, some of our most trusted vendors want to provide bitcoin to the retail public. So I think it’s inevitable. The distinction between a futures product and a spot product can’t go on forever,” the former SEC chairman emphasized.
Clayton also noted that major financial institutions are setting up systems to track the price of bitcoin on the spot market. This means that the SEC’s concerns about manipulation of the BTC price should be quelled.