SEC Chairman Says We’re Closer to Bitcoin ETF But More Work Needed

The United States Securities and Exchanges Commission (SEC) Chairman, Jay Clayton revealed in a Monday interview with CNBC that there is now an increased chance of seeing a Bitcoin exchange-traded fund (ETF) go live for U.S investors soon.

Clayton made the revelation while answering questions regarding how far crypto market participants seeking the listing of a Bitcoin ETF have satisfied concerns expressed by the SEC regarding such a product.

“Yes, but there’s work left to be done,” said Clayton who had in the past mentioned perceived market price manipulation on unregulated exchanges and unreliable custody as the primary reasons why the SEC hasn’t blessed any of the Bitcoin ETF proposals it has received so far.

Once again, the SEC Chairman highlighted those concerns as tough questions, before saying,

“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.”

Are we any closer to seeing a Bitcoin ETF some day? SEC Chairman Jay Clayton to @CNBC: “yes, but there’s work left to be done” @SEC_News @bobpisani @kellycnbc @CNBCTheExchange #bitcoin #crypto pic.twitter.com/iJP3nn9XHc

— The Exchange (@CNBCTheExchange) September 9, 2019

Undoubtedly, the latest comments made by the SEC Chairman raises hopes that there is yet a possibility of seeing the first Bitcoin ETF launch later this year or at least sooner than many had envisaged.

As Coinfomania reported last month, the SEC must now rule on whether or not to approve proposed rule changes to list Bitcoin ETFs submitted by Bitwise and VanEck/SolidX. These filings were published in the federal register in February kickstarting a 240-day waiting period for a final decision by the SEC.

However, the regulator has delayed deciding on three occasions and must now rule on October 13, 2019, whether or not to approve the Bitwise ETF application, and make a similar decision regarding the VanEck/SolidX on October 18, 2019.

It is also vital to note that there is a possibility that the SEC decides against approving the current proposals [with only roughly a month remaining] since Clayton also mentioned that “there’s work left to be done.”