Former SEC Chairman: Optimistic about Approval of BTC ETF and Development of Crypto Industry

Source: beincrypto; Compiled by: Blockchain Knight

The former chairman of the SEC (U.S. Securities and Exchange Commission), Jay Clayton, expressed surprise on Monday at the rapid adoption of BTC by powerful financial institutions in an interview with CNBC.

In addition, Clayton criticized the problem of excessive regulation and predicted that BTC will gain wider mainstream acceptance in the near future.

The former chairman’s comments came as his successor, Gary Gensler, launched the “war” on the Crypto sector.

Gensler’s views are largely in line with those of Senator Elizabeth Warren, and the current chairman has led “strike actions” against exchanges such as Ripple and Coinbase.

As these cases slowly progress through the courts, there are new twists and turns almost every day.

Clayton was once skeptical of the field.

As early as 2015 and 2016, Crypto left a deep impression on him. In his view, this is a “fashion” that is “offshore and retail,” and is unlikely to be favored by top financial companies.

“At that time, Crypto was far from the core of the financial market I was talking about,” Clayton said.

He also added, “At that time, if you look at the BTC transactions, you would think it looks like a stock, but it’s nothing like it. Now we have seen a development, to the point where those reputable companies think this market is good enough in terms of trading and custody, and are willing to join in and offer the product.”

Clayton said he found his attitude change “incredible.”

He expressed a highly positive attitude towards the development of the field. However, as SEC chairman, he was clearly skeptical of BTC, as research shows that 90% of Crypto market activity is related to money laundering transactions.

But this skepticism did not last.

“Major market participants such as BNY Mellon, Bank of America, and Goldman Sachs are all entering the Crypto field, which I find incredible,” Clayton said.

Finally, Clayton said that regulatory approval for BTC ETF is only a matter of time.

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