In an interview with CNBC, former Security and Exchange Commission Chairman Jay Clayton asserted to reporters that the Bitcoin ETF would be approved. “It is inevitable; there is nothing left to decide,” Jay Clayton added. Over the last ten years, the ETF has faced challenges in gaining approval from the SEC in the United States. However, in the interview, Clayton stated that the reason for disapproval of the Bitcoin ETF is fraud and market manipulation.
Jay Clayton cited that the Bitcoin market is better than five years ago; “The market is better today than it was Five years ago, there was wash sales, laundering, and fraud. We wouldn’t risk approval from the general public because of all sorts of things.” Jay concluded. However, Clayton mentioned that the regulators have taken a huge step towards the approval of the Bitcoin ETF, congratulating them for reaching this point and acknowledging it as a significant move for them to understand and accept Bitcoin.
The approval is set to mark a milestone for traditional institutions and the United States at large. Investors and institutions will have the ability to access the market without directly associating with Bitcoin. “It is a huge moment for the financial market; the traditional market will have exposure to the crypto market, specifically Bitcoin, through regulated investment institutions,” Clayton projected.
He congratulated the crypto market for advancements, especially in blockchain technology stating, “This is a big step, not just for Bitcoin but for finance generally. If you can tokenize underlying assets and trade that way, That’s a potentially significant change across finance, not just in the crypto space.”
Bitcoin ETF Deadline is Hours away
All eyes are on Gary Gensler, as the deadline is just a few hours away. This will mark a milestone for the crypto market and the financial industry at large. A bull market is anticipated to occur; moreover, Bitcoin has already drawn attention and interest in the market, and a spot Bitcoin ETF is set to create asset maturity.
Additionally, on January 8, ETF issuers submitted amended S-1 and S-3 filings to the SEC, disclosing the amount of fees they wanted to charge ahead of ETF approval. According to James Seyffart, an ETF analyst, it is a sign that regulators are accelerating things.
In the market, Bitcoin was able to surpass the $44,500 and $44,700 resistance levels, marking a significant increase of 5%. The coin is moving at a large pace and is heading towards the $48,000 level. Yesterday, the bulls managed to pump the price of Bitcoin to the $47,300 mark, but selling pressure dominated the market, decreasing the price below $47,000. Resistance is expected at the $47,200 level and $47,000; a move above the $42,000 resistance level will escalate the price to the $48,000 mark.