Former Securities and Exchange Commission (SEC) chairman Jay Clayton Bitcoin (BTC) He considered the possibility of a spot exchange-traded fund (ETF) and said it would be difficult for the SEC to resist approving a spot ETF if the spot market had similar protections as the futures market.
Clayton, now senior policy adviser at law firm Sullivan & Cromwell, spoke on CNBC on Monday about the recent approval of several BTC futures ETFs by the SEC and how this could affect the chances of a BTC spot ETF.
“Spot ETF Will Be Approved If Spot Bitcoin Market Has Similar Protections To Futures”
“If they are right that the spot market has similar activity to the futures market, it will be hard to resist approving a Bitcoin ETF,” Clayton said.
However, Clayton did not offer a timeline or prediction as to when the BTC spot ETF might receive approval from the SEC.
He also explained the rationale behind the SEC’s preference for futures-based ETFs over spot-based ETFs, referring to the oversight and protections that exist in the regulated futures market.
“When the SEC approved a futures ETF, they said, ‘Look at the futures market, we can see oversight, we see that the protections in this market are sufficient for the investor,'” Clayton said.
*Not investment advice.
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