Former SEC attorney Tom Gorman has expressed caution regarding the SEC’s approval of a spot Bitcoin ETF. Gorman highlighted that while some cryptocurrencies have been allowed on commodity exchanges, none have been permitted on securities exchanges regulated by the SEC. He emphasized that allowing a cryptocurrency onto a securities exchange would require extensive regulatory measures to ensure safety and compliance. Gorman also mentioned safety and security concerns associated with Bitcoin, particularly regarding its use by entities like Hamas for illicit activities. In contrast, former SEC Chairman Jay Clayton believes that the approval of a spot Bitcoin ETF in the United States is becoming increasingly likely. Clayton noted that Bitcoin has been officially categorized as a commodity by the CFTC and the SEC, and improvements in the Bitcoin spot market’s efficiency and market surveillance mechanisms make the approval of a spot Bitcoin ETF more probable. However, both opinions are for informational purposes only and do not constitute financial or investment advice.
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