The former chairman of the Securities and Exchange Commission (SEC), Jay Clayton, has stated that the regulator's approval of a spot Bitcoin (CRYPTO: BTC) Exchange-Traded Fund (ETF) is essentially guaranteed.
What Happened: Clayton said in a CNBC interview that the approval of a spot Bitcoin ETF was a matter of when, not if. This comes after the SEC's consistent rejections of all previous applications for a Bitcoin ETF, on the grounds of potential market manipulation and fraud, reported Cointelegraph.
"I think approval is inevitable. There's nothing left to decide."
Clayton applauded the regulator for its current stance, expressing satisfaction with the Bitcoin ETF disclosures from companies like BlackRock and Fidelity. He pointed out the marked progress in Bitcoin's market dynamics over the past five years, leading him to predict that an ETF approval is on the horizon.
"Five years ago, there were wash sales, there was laddering, there were all sorts of things that you wouldn't want to make available to the general public because of that risk," he added.
Why It Matters: The regulator's recent surge in amended S-1 and S-3 filings from potential Bitcoin ETF issuers on Jan. 8 was perceived as an indication of the SEC "expediting matters". Bloomberg ETF analyst James Seyffart estimated a 90% chance of a spot Bitcoin ETF approval by Jan. 10.
The approval of a spot Bitcoin ETF would mark a significant milestone for the cryptocurrency industry, potentially opening the floodgates for traditional investors to gain exposure to Bitcoin.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Read Next: Bitcoin ETF Battle Heats Up: 'US Government Plans To Seize All BTC ETFs,' Warns Max Keiser
