In a new interview on CNBC’s Squawk Box, Jay Clayton said spot ETF applications are inevitable as it becomes clear to everyone that bitcoin is not a security.
“It is clear that bitcoin is not a security. It is clear to all 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 futures and spot products cannot go on forever,” the former SEC chairman stressed.
Clayton also noted that major financial institutions are building systems to track the price of bitcoin in the spot market. This means that SEC concerns about BTC price manipulation should be quelled.
“I was of the opinion that we couldn’t be certain that there was no market manipulation, so retail clients shouldn’t have access to bitcoin. But now there are large institutions with monitoring mechanisms. Therefore, we can rely on the efficiency of the market and these mechanisms,” Clayton said.
Earlier, a US federal court ruled that the SEC’s refusal of Grayscale’s application to create a bitcoin spot ETF was illegal. However, for now, the regulator has postponed making a decision on all applications for bitcoin-ETF.
Source: Bits
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