Former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton has expressed optimism that Bitcoin ETF applications will soon be approved. In a recent conversation with CNBC, Clayton clarified that the postponement of applications and the subsequent extension of the deadlines corresponds to the time set for a decision by the District of Columbia.
The Commission recently delayed a decision on seven applicants seeking to launch a Bitcoin exchange-traded fund (ETF) in the US.
Former SEC Chairman Optimistic
Jay Clayton, who previously ran the SEC, is not surprised by the SEC’s delay. However, he predicts that a Bitcoin spot ETF could soon be approved.
About this he declared in an interview with CNBC:
On August 31, the SEC confirmed in seven documents that it needs a longer period to study the proposed rule change.
Evaluation of application deadlines for spot bitcoin ETFs. Source: SEC
Clayton also added the following about the delay:
At the same time, Clayton also mentioned the challenges facing the SEC. He noted that the Commission is still trying to draw a line between securities and assets that are not related to them.
Things are going up
Emphasizing the transparency of Bitcoin’s status, Clayton said:
As such, he believes that Bitcoin ETF approval is inevitable.
Meanwhile, legal expert Bill Morgan claimsthat the SEC could come into conflict with all cryptocurrencies by sparing two tokens.
Two seasoned Bloomberg analysts also recently expressed heightened confidence in the possibility of approving spot bitcoin ETFs. They predict their launch in the US as early as this year, citing a recent court ruling that leaves the SEC with little reason to refuse.
The District of Columbia Court of Appeals granted Grayscale Investments’ motion to review the SEC ruling. Recall that the company wanted to convert its GBTC closed-end fund into an ETF back in October 2021, but then the SEC prevented this.
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