Former SEC Chair Is Confident That a BTC ETF Will Get Approved Soon
Clayton attributed this optimism to the resolution of key regulatory concerns that had previously hindered the introduction of a Bitcoin ETF.
- Clayton attributed this optimism to the resolution of key regulatory concerns that had previously hindered the introduction of a Bitcoin ETF.
- The cryptocurrency market's growth and maturation, coupled with a focus on regulation, signal a promising future for a Bitcoin ETF.
- Meanwhile, Bitwise, a prominent player in the cryptocurrency industry, has resubmitted its revised proposal for a BTC ETF to the U.S. Securities and Exchange Commission (SEC).
Former SEC Chair Jay Clayton Expresses Confidence in Impending Bitcoin ETF Approval
- In a recent interview with CNBC's "Last Call," former SEC Chair Jay Clayton expressed unwavering confidence in the forthcoming approval of a Bitcoin ETF.
- One of the primary issues that Clayton addressed in the interview was the prevalence of questionable trading practices in the Bitcoin market.
- Clayton's comments echo the sentiment that a mature, well-regulated market is essential for the successful introduction of a Bitcoin ETF.
- High-quality and reliable market data had also been a substantial obstacle to the approval of a Bitcoin ETF.
- However, in recent times, Jay Clayton believes that the landscape of the Bitcoin market has undergone significant transformation.
Bitwise Resubmits Bitcoin ETF Proposal to SEC Following Regulatory Feedback
- ETF industry analyst James Seyffart has recently shared insights into Bitwise's amended proposal, indicating that it largely aligns with expectations.
- One notable detail revealed in this resubmitted proposal is the ticker symbol that the Bitwise product would use if approved by the SEC.
- The journey toward a Bitcoin ETF has been a long and complex one, marked by regulatory hurdles and evolving market dynamics.
- Nevertheless, as Bitwise resubmits its proposal with amendments aimed at addressing regulatory concerns, the cryptocurrency community eagerly awaits the SEC's decision.
Price Overview
- According to data from CoinStats, BTC was down 1.83% and was changing hands at $34,048.14 at press time.
- Notably, this was a minor correction compared to its weekly performance, which stood at more than 16%.
- Price chart for BTC (Source: CoinStats)
BTC was able to establish a peak at $34,766.63 over the past 24 hours, but had since retraced to trade at its current level.