SEC Chair Clayton: There's work left to be done on bitcoin ETF

advertisement

In an interview with CNBC, Securities and Exchange Commission Chairman Jay Clayton said that "progress is being made" on the bitcoin ETF front. 

Still, concerns hang over the decision to approve such a product. During the interview, Clayton raised those concerns, noting the lack of a proper crypto custody provider and the threat of price manipulation on unregulated exchanges. That's despite a number of new custody providers coming online this year, including Fidelity's new custody business and San Francisco-based Anchorage, and efforts to expose wash trading on certain exchanges. 

While Clayton acknowledged that bitcoin businesses are coming closer to satisfying his concerns, he states that people need "to answer those hard questions for us to be comfortable that this was the appropriate type of product."

Clayton's comments come just a few weeks before the final deadline for two ETF proposal, Bitwise and VanEck/Soldix, are decided on. On October 13 and October 18, the SEC will decide whether to approve Bitwise's and VanEck's proposal, respectively.

ETF hopefuls, take note. 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Digital asset economy fuels instant settlements innovation

Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More