SEC Chases Billions out of US Economy by Dragging Feet on Bitcoin ETF
Under Jay Clayton’s watch, the SEC is chasing billions of dollars out of the U.S. economy by stalling on a bitcoin ETF. | Source: REUTERS / Brendan McDermid
Many cryptocurrency investors and entrepreneurs have anxiously awaited a green light from the U.S. Securities and Exchange Commission for the first bitcoin exchange-traded fund (ETF).
A bitcoin ETF would bring more products to Wall Street and give institutional investors more direct access to an asset class they are clearly very enthusiastic about in 2019.
Crypto capitalists like Cameron and Tyler Winklevoss even say they welcome the scrutiny of the SEC as well as institutional and federal regulation and oversight.
Join CCN for $9.99 per month and get an ad-free version of CCN including discounts for future events and services. Support our journalists today. Click here to sign up.
But the SEC has rejected every bitcoin ETF application it has ruled on so far.
Fox Business has an exclusive interview with U.S. Securities and Exchange Commission Chairman Jay Clayton, in which the SEC chair defended his position on cryptocurrency.
Clayton says he is not against digital currencies but “has concerns over the potential for manipulation and wants to ensure investors are protected.”
The SEC chair also says:
“What I’m concerned about at the moment is if it can be reasonably demonstrated that the underlying trading is generally not manipulated,