Jay Clayton, the former Chair of the U.S. Securities and Exchange Commission (SEC)<\/a> expressed confidence on the probability of the first spot Bitcoin ETF product getting approved in the United States. He said the retail investors are willing to gain access to the cryptocurrency while the large institutions with surveillance mechanisms like Blackrock want to provide the product to the retail investors.<\/p>\n Also Read: Binance LUNC Burn Drops Below One Billion For The First Time, Community Reacts<\/strong><\/a><\/p>\n <\/p>\n Clayton\u2019s comment comes at a jubilant time in the crypto market<\/a>, where the chances of getting the first ever spot Bitcoin ETF got better thanks to the recent court judgment granting approval to Grayscale\u2019s motion to allow the conversion of its GBTC Bitcoin Trust into a spot ETF. However, the Bitcoin price<\/a> is yet to show signs of bullish trend over the development.<\/p>\n <\/p>\n The former SEC Chair said the approval of spot ETF is inevitable in the current circumstances, as the large financial institutions like Blackrock, Fidelity and Ark Invest have grown confidence in cash trading in relation to the crypto assets. He said the companies have cleared the air around fears that the trading was manipulative. Clayton added,<\/p>\n \u201cIt is clear that Bitcoin is not a security. It is something that retail investors want access to and importantly some of our most trusted providers want to provide this product to the retail public. An approval is inevitable.\u201d<\/p>\n <\/p>\n<\/blockquote>\nSpot ETF \u201cApproval Is Inevitable\u201d<\/h2>\n
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