The former chairman of the U.S. Securities and Exchange Commission (SEC) said it would be “difficult for regulators to resist” approving a spot bitcoin ETF.
Jay Clayton says the SEC will first have to be convinced: the product is capable of proving its effectiveness in the marketplace.
Previously, the SEC has opted to reject applications for similar spot bitcoin ETFs. However, Clayton suggested that the situation has changed:
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“Now the spot product is actually less tedious and more efficient for the investor… It would be hard to resist approving a spot bitcoin ETF.”
Predictions for the future of a bitcoin spot exchange traded fund now look quite optimistic. The SEC, though, said the filings were not “clear and comprehensive”