According to former SEC Chairman Jay Clayton, SEC approval of the Bitcoin ETF is imminent and should have a positive impact on finance. For his part, Gary Gensler, the current chairman of the SEC has warned against crypto investing. This message is interpreted by many as indicative of a forthcoming approval of the Bitcoin ETF.
Bitcoin ETFs are coming according to a former SEC chairman
Whether or not the SEC will approve Bitcoin ETFs continues to dominate financial news. More and more financial players are making their positions and predictions known on the subject. The former chairman of the SEC Jay Clayton also lent himself to the game.
Answering CNBC’s questions, Jay Clayton was optimistic about the approval of Bitcoin ETFs. According to this former head of the US financial watchdog, the SEC should inevitably approve Bitcoin ETFs this week. This approval will mark a decisive turning point not only for Bitcoin, but for finance as a whole, he believes.
There’s nothing left to decide. … This is a big step not just for bitcoin, but for finance generally.
Jay Clayton.
Crypto is risky, insists Gary Gensler the current chairman of the SEC
While the former SEC chairman is optimistic about approving Bitcoin ETFs, the current one is reserving his position. While the entire crypto ecosystem hangs on his decision on Bitcoin ETFs, Gary Gensler continues to warn of the risks associated with crypto investing.
In a thread of January 8, Gary Gensler returned to “a few things to keep in mind for crypto investments”. According to the SEC chairman, there are three major risks lurking in crypto investing. These are non-compliance with laws on the part of certain digital asset and service providers, the volatility of crypto and the insolvency of certain platforms, such as CEX (Centralized Exchange) FTX as well as the various scams and scamming operations that abound in the ecosystem.
Conclusion
Given the timing and the January 11 deadline for some Bitcoin ETF applications, Gary Gensler’s publication sounds like an indication of imminent approval for Bitcoin ETFs. The excitement on the crypto market has made this abundantly clear. Bitcoin, which was trading at around $44,000, climbed to over $47,000 on Monday January 8. Are we heading for approval of Bitcoin ETFs?
The answer will soon be known.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
