Former SEC Chair Jay Clayton appeared on CNBC’s “Squawk Box” to discuss the criminal trial of Sam Bankman-Fried, the former CEO of crypto exchange FTX. Clayton mentioned that the government’s case would focus on Bankman-Fried misusing investors’ money for personal benefit. The defense will argue that Bankman-Fried thought he was acting within the law. Clayton emphasized the importance of well-regulated stablecoins in the crypto industry and stated that Bitcoin being classified as a commodity makes the approval of a Bitcoin spot ETF in the US inevitable.

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