2023-09-03 05:26:24
The U.S. Securities and Exchange Commission (SEC) postponed a decision on the application of seven bitcoin spot ETFs including BlackRock on August 31. Jay Clayton, former chairman of the SEC, recently stated that due to concerns about the manipulation of bitcoin spot transactions, the SEC He has reservations about opening up bitcoin spot ETFs, but he is optimistic that the SEC will eventually approve the relevant applications.
(Previous summary: Grayscale won the lawsuit against the SEC! Is the first bitcoin spot ETF in sight?)
(Background supplement: Goddess of stock: SEC will “approve multiple” bitcoin spot ETFs, the critical time is after Grayscale wins the lawsuit)
After Grayscale (GrayScale) won the legal battle with the SEC on the 29th of last month to convert its bitcoin trust fund GBTC into a bitcoin spot ETF, the market was optimistic that the bitcoin spot ETF launched by other institutions would soon pass the test , but the SEC still announced on August 31 that it would postpone making a decision on the application of 7 bitcoin spot ETFs.
New deadlines for SEC decisions on bitcoin spot ETFs from WisdomTree, Invesco Galaxy, Fidelity, VanEck and BlackRock are October 17, Valkyrie on October 19, and Bitwise on October 16, when the SEC Will be able to approve, reject or postpone the decision again.
SEC worries that spot trading is manipulable
Former SEC Chairman Jay Clayton on CNBC on August 31 the interviewWhen answering the question of why the SEC has repeatedly delayed the approval of the first bitcoin spot ETF, he said that there is historical uncertainty in the maneuverability of bitcoin spot transactions, which has led to the SEC’s reservations about opening up retail channels. .
But Jay Clayton mentioned that with the major changes in the industry structure, large institutions with strong monitoring mechanisms have entered the market. These institutions have shown confidence in the integrity and reliability of the Bitcoin spot market. Therefore, in his opinion, now Open access to bitcoin through retail means is appropriate.
However, in the Grayscale case, the Washington, D.C. Circuit Court of Appeals gave the SEC additional time to reassess the application. Jay Clayton pointed out that this opened the door for other reasons for approving or rejecting the first bitcoin spot ETF, so there is still uncertainty.
However, Jay Clayton remains optimistic about the approval of a bitcoin spot ETF:
Bitcoin is something that retail investors, institutional investors want to acquire, and importantly, some of our most trusted suppliers… want to offer this product to retail investors.
Approvals are definitely inevitable, futures and spot products are split in two, this can’t go on forever.. I think that’s the path we’re on.
Ripple Lawyer Criticizes SEC’s Unreasonable Practice
John Deaton, well-known Ripple supporter and managing partner of Deaton Law Firm, tweetedpointed outJay Clayton clearly mentioned in this interview that retail investors are only allowed to buy Bitcoin ETFs after large institutions such as BlackRock enter the market. This statement reveals how the US regulatory framework works.
John Deaton is strongly skeptical of the rationale for such an approach, calling it “bullshit” under the guise of protecting investors, arguing that regulators have now accepted the fact that they cannot completely eliminate Cryptocurrencies, therefore, they are seeking strategies to suppress the price of cryptocurrencies.
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