Jay Clayton, the former chairman of the Securities and Exchange Commission (SEC), expressed his support for a spot bitcoin exchange-traded fund (ETF) in a recent interview. He acknowledged the progress made by reputable institutions in the crypto industry and stated that he would be open to approving a physically-backed bitcoin ETF if it meets the necessary regulatory protections. Clayton was initially cautious about the bitcoin market due to concerns of market manipulation but recognized the increasing confidence shown by prominent companies in the industry’s regulatory safeguards. While there are currently no spot bitcoin ETFs trading in the US, recent developments, such as BlackRock’s application, suggest that the market may be maturing for such a product. However, Clayton did not provide a timeline for when he expects a spot crypto ETF to be approved in the US.

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