2023-09-03 13:08:50
The US Securities and Exchange Commission (SEC) this week postponed a decision on a number of Bitcoin ETFs. Decisions should have been made this week in the case of WisdomTree, Valkyrie, Invesco, Vaneck and BlackRock. Jay Clayton spoke on CNBC regarding Bitcoin ETFs Jay Clayton, the former chairman of the SEC, is convinced that the question of allowing exchange-traded funds is not if it will happen, but when. On CNBC’s “Squawk Box,” he said, “Bitcoin is not a security. So I think licensing is inevitable. The contradiction between futures and cash products cannot last forever.” At the time of writing, the world’s largest cryptocurrency is roughly 18% below its year-to-date high, which it hit in mid-July. Recently, they even lost a lawsuit due to setbacks. According to Clayton, the frenzy surrounding Bitcoin ETFs shows that both retail and institutional investors want this kind of access to the digital asset. More good news from the licensing point of view is that the US court recently ruled in favor of Grayscale in a case filed once morest the SEC. In it, Grayscale argued that the market regulator was holding them back from converting their popular Trust product into an ETF. According to the former head of the government agency, “The SEC has now been given time by the DC Circuit Court of Appeals to reassess the situation and possibly come up with new reasons. Maybe there will be, but I don’t think so.” A spot bitcoin ETF would also be considered a big step in the sector because, according to many, it would seriously increase the demand for cryptocurrencies, generating a significant price increase in the market.
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