Jay Clayton, former SEC chairman, recently admitted that the approval of a Spot Bitcoin ETF is inevitable. Jay Clayton, former chairman of the SEC and predecessor to Gary Gensler, has claimed that despite the many denials of Spot Bitcoin ETF offerings, it is inevitable that one day a SPOT Bitcoin ETF will be approved.
One reason is that institutions are strongly behind a Spot Bitcoin ETF, having stood on the sidelines for a decade during which Bitcoin was a raging success.
Another reason is that Clayton is following the argument of Judge Neomi Rao of the U.S. Court of Appeals Circuit, who, with two other judges, ordered the SEC to review asset manager Grayscale's application to convert its Bitcoin Trust (GBTC) into a Spot Bitcoin ETF. Judge Reomi Rao clarified that the SEC had already approved BTC futures ETFs and stressed that Grayscale's offer was therefore more than reasonable.
A SPOT Bitcoin ETF will give investors a brand-new way to invest in crypto. ETFs have been a very successful product for investors to allocate money into an asset, knowing that regulation protects them.
Jay further stated that the SEC may continue to delay deadlines for applications until March 2024. The approval is going to happen, however, because several Bitcoin futures ETFs have already been rolled out, so the Spot Bitcoin ETF simply needs to be approved.
A SPOT Ethereum ETF will be launched after the approval of the upcoming series of SPOT Bitcoin ETFs. Other crypto ETFs are unlikely to follow in the next few years. At least in the United States.
Now that BINANCE is under control, COINBASE will manage custody of the Blackrock SPOT Bitcoin ETF, and since Coinbase is a big supporter of Ethereum and its Layer 2 ecosystem, there is no doubt that a SPOT Ethereum ETF will follow soon after Bitcoin.
