Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Spot Bitcoin ETF Approval Is Inevitable: Former SEC Chair

Spot Bitcoin ETF Approval Is Inevitable: Former SEC Chair

CryptopotatoCryptopotato2024/01/09 22:52
By:Mandy WilliamsMore posts by this author

Clayton’s statements come as multiple spot Bitcoin ETF applicants file finalized updates for their S-1 forms with the SEC.

Jay Claton, the former chairman of the United States Securities and Exchange Commission (SEC), believes the agency’s approval of a spot Bitcoin exchange-traded fund (ETF) is inevitable.

During an interview with CNBC, Clayton said nothing is left for the SEC to decide as the regulator is comfortable with the disclosures from ETFs’ applicants.

“I think approval is inevitable. There’s nothing left to decide… Yeah, I do [believe that Bitcoin ETF approval is imminent]. I could be wrong, but that’s what I think,” Clayton said.

Bitcoin ETF Approval is Inevitable: Clayton

The former SEC chair explained that the Bitcoin trading market had gotten better than it was five years ago when participants were involved in wash sales, laddering, and all sorts of activities that could not be made available to the general public because of risk.

Now, applicants’ disclosures reveal to investors what they need to know about the underlying Bitcoin market, the technology required for the new product, and its custody, creation, and redemption.

Clayton further praised the SEC for where the agency is, stating that the widely anticipated Bitcoin ETF approval is a significant development for the financial sector.

“This is a big step, not just for Bitcoin but for finance generally. If you can digitize, tokenize underlying assets and trade that way, that’s a potential significant change across finance, not just in the crypto space,” the former SEC chair added.

Fee Competition Among Applicants

Clayton’s statements come as multiple spot Bitcoin ETF applicants, including Valkyrie, WisdomTree, BlackRock, VanEck, Invesco/Galaxy, Grayscale, and ARK Invest/21Shares, file finalized updates for their S-1 forms with the SEC.

The filings include various fees stemming from competition among the potential ETF issuers. Bitwise is offering the lowest fee – 0.24% after the initial six months and the first $1 billion in assets – followed by ARK Invest/21Shares with 0.25% under the same conditions.

The world’s largest asset manager, BlackRock, offered 0.20% for the first 12 months or until the first $5 billion in assets and then an increase to 0.30% as the ongoing fee. On the other hand, Franklin Templeton offers a fee of 0.29%, Fidelity’s sits at 0.39%, and VanEck listed 0.25%.

Meanwhile, the crypto community awaits the SEC’s announcement, as the deadline for the agency’s decision is January 10.

You Might Also Like:

  • Deficiencies in Spot Bitcoin Market Amid ETF Expectations Revealed
  • Bitcoin ETF Approval Set to Propel BTC Price Beyond $50K: Matrixport
  • A Look at The Best Bitcoin ETF Ads so Far
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!