‘Nothing left to decide’ – ex-SEC chairman says Bitcoin ETF is inevitable

The former chairman of the United States Securities and Exchange Commission (SEC) has said that the approval of a Bitcoin (BTC) ETF is “inevitable”.

Speaking in an interview with CNBC on January 8, former SEC Chairman Jay Clayton said that it is now a foregone conclusion that the SEC will approve the first Bitcoin ETF to trade in the United States.

“I think it is inevitable that it will be approved. There is nothing left to decide.”

Over the past decade, the SEC has rejected every spot Bitcoin ETF, citing concerns over market manipulation and fraud.

However, Clayton now agrees that ETF approval is “imminent,” noting that the underlying market dynamics for Bitcoin have improved significantly over the past five years.

“Five years ago there were bath sales, there were ladders, there were all kinds of things that you didn't want to make available to the public because of that risk,” he said.

Additionally, Clayton praised the regulator for “being where they are,” saying the agency's ease with Bitcoin ETF disclosures from companies like BlackRock and Fidelity is a big step.

He added that until now there has not been an adequate level of infrastructure to properly handle and secure Bitcoin in a way that makes it accessible to traditional financial market participants.

Related: SEC Reissues Crypto ‘FOMO' Warning Amid Hopes in Bitcoin ETFs Space

Outside of crypto markets in particular, Clayton praised the development of blockchain technology and its ability to tokenize and trade real-world assets.

“This is a big step, not just for Bitcoin, but for finance in general. If you can tokenize the underlying assets and trade them that way, that's a big game changer, not just in the crypto space, but in finance.”

Updated S-1 and S-3 filings from Bitcoin ETF issuers On January 8th they filed for SEC.

Bloomberg EFF analyst James Seifert said the flurry of revised filings is a sign the regulator is “speeding things up” this week. Seifert and his partner Eric Balchunas confirmed their 90% chance of acquiring a Bitcoin ETF on January 10th.

In a Jan. 9 post for X (formerly Twitter), Seifert said investors should expect more updates on the S-1 and S-3 filings in the coming days after the SEC issues additional comments.

1. It's true, we were all crazy this morning (this is not out of the ordinary).2 Comments on those S-1 filings came back. Because of this, expect to see more updates tomorrow. That said — I don't think this is necessarily a sign of a delay https://t.co/o2m0lIBSct

— James Seyff (@JSeyff) January 9, 2024

While there are new updates and suggestions back and forth, he says these cannot qualify as a “sign of lag” for ETFs.

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