Former SEC Chair Predicts Bitcoin ETF Approvals
Former SEC Chair Jay Clayton expressed confidence in the eventual approval of these spot Bitcoin ETFs. In a CNBC interview on September 1, Clayton highlighted the support from major financial institutions, indicating a shift in how retail investors can access cryptocurrencies.
These companies, including BlackRock, WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie, and Fidelity, now face an additional 45-day decision window. In a CNBC interview on September 1, Clayton highlighted significant support from major financial institutions, indicating a shift in how retail investors can access cryptocurrencies.
The SEC’s decision to extend the review period provides additional time until March 2024 to either approve, deny, or further delay the ETF applications. Clayton believes “approval is inevitable” and emphasized the need to address the distinction between futures and cash products, suggesting that this difference cannot persist indefinitely.
U.S. Court of Appeals Circuit Judge Neomi Rao supported Clayton’s stance, directing the SEC to review Grayscale’s request to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Rao argued that the SEC had already approved BTC futures ETFs, implying that Grayscale’s proposal was “materially similar.”
The SEC’s decision to delay ETF applications came on August 31, just before the Labor Day weekend. The next deadline for reviewing major spot BTC applications is October 7, with an update expected on the offering from fund manager Global X.
