Over the past year, the U.S. Securities and Exchange Commission (SEC) has been quite active in its involvement in the choppy waters of the bourgeoning crypto space. A recent article reveals insights that SEC chairman Jay Clayton has expressed on bitcoin and its ties to a BTC exchange-traded fund (ETF).
Fox Business was able to snag an exclusive interview with the SEC chair, detailed in a March 14 article from the outlet. The editorial piece pointed out that Clayton’s concern isn’t about bitcoinitself it lies more on the possibilityof the asset’s manipulation.
Clayton told Fox Business, “What Im concerned about at the moment is if it can be reasonably demonstrated that the underlying trading is generally not manipulated, its happening on reliable venues with good rules and that custody is something we can feel comfortable about.”
The past several months have seen an abundance of bitcoin ETF proposals, many of which saw rejection from the SEC. The VanEck-SolidX bitcoin ETF caught numerous headlines when the SEC delayed the movement several times.
Fairly recently, the SEC postponed its decision on the VanEck-SolidX bitcoin ETF situation last December, after the movement had already seen months of pushbacks. In its September 2018 VanEck-SolidX ETFdelay, the SEC stated it was investigating bitcoin manipulation susceptibility.
Fox Business also mentioned the bitcoin ETF proposal from Bitwise Asset Management, which reportedly still awaits the green light from the SEC as well.
Commenting on a bitcoin ETF product in general, Clayton explained to Fox Business, there may be a case where a bitcoin ETF could satisfy our rules. He also said to the outlet, “I think this technology has and is already demonstrating pretty significant promise, but its demonstrating significant promise in the places where its consistent with our approach to capital raising in the past.
In February, SEC commissioner Robert J. Jackson Jr. made comments on SEC approval of a crypto-based fund for the public, according to an interview with CQ Roll Call.Jackson told CQ Roll Call, Eventually, do I think someone will satisfy the standards that weve laid out there? I hope so, yes, and I think so.
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