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Securities Commission Chief Says Progress Being Made Regarding Bitcoin ETF

The chairman of the US Securities and Exchange Commission (SEC) admits in a recent interview that progress has been made with regards to Bitcoin ETF but that there’s still work to be done.

Bob Pisani on the Topic

In an interview with Bob Pisani of CNBC, SEC head Jay Clayton talked about the commission’s current views on Bitcoin (BTC) exchange-traded funds (ETF). 

When asked if the people in the bitcoin industry have come close to satisfying his concerns, Clayton acknowledged that vital steps were taken to assuage the concerns regulators have with a Bitcoin ETF but added that there’s still “work left to be done.” 

Issues with Significant Manipulation

The SEC chairman also pointed out that their concerns were not trivial. He explained that as ETFs are being traded on exchange platforms that are largely unregulated, the SEC is wondering how they can be sure that prices aren’t open to “significant manipulation?” 

While Clayton admitted that progress is being made, he said that those difficult questions should still be answers before the SEC can be comfortable about the appropriateness of the product. 

Clayton’s latest comments are consistent with the concerns he raised before. He previously stated that the SEC was working to ensure American investors are given an opportunity with BTC ETFs. But he underlined the need for protection in regulated markets. He mentioned several aspects that the SEC should first be comfortable with, like custody. 

One cryptocurrency publication has noted that the industry is expecting the SEC to make a decision on two Bitcoin ETF proposals in the next few weeks.

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