Former SEC chairman says “It is a big step not just for Bitcoin, but for finance generally”

On Jan 9, 2024

A crypto ETF - the next step towards a decentrailzed future - bitcoin ETF

Jay Clayton confirmed that there is nothing left to decide about Bitcoin spot ETF applications.

Currently, a dozen Bitcoin spot ETF applications are on the verge of getting regulatory approval from the United States Securities and Exchange Commission (SEC). On 8 Jan, the SEC body listed amendments to eight 19b-4 filings detailing proposed rule changes.

6 out of 8 amendments are related to the Cboe BZX Exchange, which intends to list and trade ETFs from WisdomTree, VanEck, Ark Invest, Franklin Templeton, Fidelity, and Invesco Galaxy.

Here this development is fully related to the concern proposed rule changes, which will allow these securities exchanges to list Bitcoin spot ETF products easily.

On 8 Jan 2024, SEC chairman Gary Gensler suggested people remain always active against the risks associated with crypto investment. Indeed he targeted the Bitcoin spot ETF products, which will be soon approved by the SEC body in a few days/weeks.

2⃣ Investments in crypto assets also can be exceptionally risky & are often volatile. A number of major platforms & crypto assets have become insolvent and/or lost value. Investments in crypto assets continue to be subject to significant risk.
— Gary Gensler (@GaryGensler) January 8, 2024

All these things are a hint that Bitcoin spot ETF application approval chances are now 99.99%.

Following these developments, the trade price of Bitcoin (BTC) surged nearly 7% in the last 24 hours. The current trade price of Bitcoin is $46,762.

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Former SEC chairman says “It is a big step not just for Bitcoin, but for finance generally” 1

Today Fox Business reporter Eleanor Terrett claimed that the SEC Commissioners can delay the approval time of these applications because each commissioner has the right to review the decision via a full committee review and vote on the matter based on their personal judgement.

Some people alleged that Eleanor was trying to lower the confidence of the Bitcoin investors & create panic. So probably Eleanor deleted the tweet in response to such allegations.

Fox Business reporter Eleanor Terrett said that the five-member SEC committee may still delay the approval of a spot Bitcoin ETF. While no formal committee vote on ETFs is currently scheduled, each committee member has the right to request a full committee review and vote on the…
— Wu Blockchain (@WuBlockchain) January 9, 2024

In an interview with CNBC, former SEC chairman Jay Clayton said that there’s nothing to decide regarding the Bitcoin spot ETF applications and also confirmed that approval of these applications will not be important for Bitcoin, but for all the cryptocurrencies.

“Approval is inevitable,” former SEC chair Jay Clayton told CNBC’s “Squawk Box” on Monday when asked what could happen (of bitcoin spot ETF) this week. “There’s nothing left to decide. … This is a big step not just for bitcoin, but for finance generally.”…
— Wu Blockchain (@WuBlockchain) January 9, 2024

Just a day ago, Standard Chartered shared its prediction on the impact of Bitcoin spot ETF approvals on the trade price of Bitcoin.

According to the report, these ETFs will help to inject nearly $50 billion to $100 billion into the Bitcoin market & further it will help push the trade price to $200k by the end of 2025.