Former SEC Chair Jay Clayton stated that the approval of a spot Bitcoin ETF would be difficult to resist if financial institutions can demonstrate that the spot market has similar efficacy to the futures market. The Securities and Exchange Commission (SEC) had previously differentiated between futures and spot markets, considering the former to have better protections for investors. However, institutions argue that these distinctions no longer exist, making the spot product more efficient. If proven, Clayton believes it would be challenging for the SEC to deny a Bitcoin ETF.

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