Ex-SEC chairman Jay Clayton: 'Approval is inevitable'

The SEC is predicted to make a decision Wednesday on the Bitcoin Spot ETF. Former Chairman Jay Clayton considers approval "inevitable."

The battle for a Bitcoin Spot ETF could soon enter its final phase. According to former SEC chairman Jay Clayton, there is "nothing more to decide" about the case. In an interview with CNBC, Clayton explained that he has no doubt that the SEC will approve a Bitcoin ETF: "I think approval is inevitable". The approval of the ETF is "forthcoming", the market has improved significantly over the past five years and the risks have been minimized, Clayton said.

Big step for the financial world

He also praised the functionality of blockchain technology: "This is a big step, not just for Bitcoin, but for the financial world in general. If you can convert underlying assets into coins and trade them that way. This is a potentially significant change for the financial world as a whole, not just the crypto industry."

Whether and when the SEC will approve a Bitcoin Spot ETF remains to be seen. Asset manager BlackRock expects a decision on Wednesday.