Attempts by BlackRock and other top money managers to launch spot Bitcoin ETFs are an \u2018\u2019incredible development,\u2019\u2019 and may be difficult to resist, said a former Chair of the US Securities and Exchange Commission<\/p>\n
Jay Clayton, who served as SEC Chair from 2017 until 2020, told CNBC in an interview<\/a> on July 10 that if BlackRock can prove to the SEC that the spot Bitcoin market has the same protections as the futures market, it would be hard to resist approval.<\/p>\n The first bitcoin futures ETF was launched in October 2021, and was one of the most heavily traded ETFs in market history, attracting assets of more than $1 billion in its first few days of trading, according to the Bank for International Settlements<\/a>. The future ETF was approved after the SEC decided their were sufficient protections for investors.<\/p>\n Companies whose reputation in the market matters are now saying that they think those protections are sufficient for a spot Bitcoin EFT and are willing to put their name on it, said Clayton.<\/p>\n “That\u2019s actually an incredible development,\u2019\u2019 he said. “If they\u2019re right that you can demonstrate that the spot market has similar efficacy to the futures market it would be hard to resist approving a bitcoin ETF.\u2019\u2019<\/p>\n MARKET NEWS — InvestDex (@InvestDexio) July 11, 2023<\/a><\/p><\/blockquote>\n\n
– SEC Chairman Jay Clayton suggests #Bitcoin<\/a> 's Spot ETF may be approved, bringing it to Wall Street.
– Approval of the ETF could cause a frenzy in the market.
– Prices have the potential to soar to $125,000.
Increased investments in #altcoins<\/a> #Pulsechain<\/a> pic.twitter.com\/snnSOnk7qT<\/a><\/p>\n