Crypto hater former SEC chairman says ETH spot ETF trading will be “inevitable”
Former SEC chairman Jay Clayton showed his happiness for the approval of Ethereum spot ETF applications.
Jay Clayton is the former Chairman of the U.S. Securities and Exchange Commission (SEC) from 2017 to 2020. During his tenure, he emphasized the need for investor protection and clear regulatory guidelines for the crypto sector. Clayton often warned that many Initial Coin Offerings (ICOs) could be considered securities and should comply with existing securities laws. He supported blockchain technology but stressed the importance of regulating digital assets to prevent fraud and protect investors. Before leaving the SEC agency, he was a very big hater of the crypto space but after that, he joined digital assets custodian Fireblocks and at investment manager One River Asset Management as an advisor.
On 24 May 2024, Jay Clayton appeared in an interview with CNBC and there he indirectly described approval of Ethereum spot ETF applications as a very big milestone for the crypto sector.
Clayton described the approval of ETH spot ETF products in two steps. He said that the SEC body only approved the list of these products and now in the next step they will approve the product itself.
The former US SEC chairman also said that the approval of the current crypto product is inevitable, similar to how the Bitcoin product went through a process where most questions and concerns were eventually resolved.
Furthermore, Clayton added that the recent decision confirms that the market is efficient enough to support listing this product on the exchange. However, he acknowledges that there are still other questions or issues that need to be addressed.
According to Clayton, the official trading of these ETF products may start in July or August of this year.
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