"The approval of Bitcoin ETFs is inevitable," according to the former chairman of the SEC.

As speculations intensify, the former chairman of the SEC seems to have no doubt about the approval of the Bitcoin ETF. This was a key element of his statement during an interview with CNBC.

Former SEC chair Jay Clayton told CNBC that approval of a spot Bitcoin ETF is “inevitable” and agrees it is “imminent.” https://t.co/LWteyoPQwO

— Cointelegraph (@Cointelegraph) January 9, 2024

Jay Clayton expresses a different view on Bitcoin ETFs

For ten years, the SEC has rejected all Bitcoin ETF applications citing risks of manipulation and fraud in the Bitcoin market. But Clayton has changed his mind. He now believes that the approval of Bitcoin ETFs is both “inevitable” and “imminent”.

According to Clayton, the Bitcoin market conditions had significantly improved over the past five years. “Five years ago, there were phantom sales and laddering. There were all kinds of things that you wouldn’t want to make accessible to the general public because of this risk,” he explained.

Clayton praises the current work of the SEC

According to Clayton, the SEC has managed to be up to the mark and feel comfortable with the information provided by ETF applicants, such as BlackRock and Fidelity. However, he believes that so far, there is not a sufficient level of infrastructure in place to ensure the custody and security of Bitcoin. The goal: to make it fully accessible to traditional financial market players.

Approval of Bitcoin ETFs: The investors’ anxious wait

On January 8th, several applicants filed amendments to their S-1 and S-3 documents with the SEC. These revealed the fees they plan to charge for their products if approved.

James Seyffart, ETF analyst at Bloomberg, interpreted this surge of amendments as a sign that the SEC was speeding things up for this week. Seyffart and his colleague Eric Balchunas estimated a 90% chance for a spot Bitcoin ETF by January 10th.

The imminent approval of Bitcoin ETFs seems assured if we believe Jay Clayton’s statements. But how will this development impact the financial future?