US SEC Chairman on Bitcoin ETFs: ‘There Is Work Left to Be Done’
In a recent interview, Securities and Exchange Commission Chairman Jay Clayton says there is more work to be done before approving a Bitcoin ETF.
United States Securities and Exchange Commission (SEC) Chairman Jay Clayton recently spoke with CNBC's Bob Pisani regarding the regulator’s latest take on Bitcoin (BTC) exchange-traded funds (ETFs).
“Progress is being made”
Speaking with Pisani on Sept. 9, the SEC chairman stated that, although significant steps have been taken to address regulatory concerns vis-a-vis a Bitcoin ETF, there is “work left to be done.” Clayton went on to say that the SEC’s questions in regard to Bitcoin ETFs were not trivial, adding:
“Given that they trade on largely unregulated exchanges [...] how can we be sure that those prices aren’t subject to significant manipulation? Now progress is being made, but people needed to answer those hard questions for us to be comfortable that this was the appropriate type of product.”
Clayton has previously mentioned that the commission was working on making Bitcoin ETF’s a possibility for investors in the U.S., but emphasized the need for security in regulated markets, saying:
“We’re engaging on this, but there are a couple of things about it that we need to feel comfortable with. The first is custody: custody is a long-standing requirement in our markets, and if you say you have something you really have it.”
Further delays coming?
Cointelegraph previously reported that the commission will delay its decision on Wilshire Phoenix’s United States Bitcoin and Treasury Investment Trust to Sept. 20.
Bitwise’s listing on NYSE Arca and VanEck’s listing will have to wait until Oct. 13 and Oct. 18, respectively. The SEC previously postponed decisions on both ETFs, but now must make its final decision on or before the aforementioned dates.