• Former SEC Chairman Jay Clayton is now fighting for the approval of a Bitcoin ETF

  • Former SEC chairman Jay Clayton has had a big role reversal, as he now advocates for the creation of a Bitcoin ETF.

    Clayton Has Joined the Battle for Bitcoin ETF Approval

    While the newly appointed SEC chairman, Gary Gensler, works to develop a regulatory framework for digital assets, his predecessor, Clayton, is on the other side of the table.

    Clayton now serves on the board of One River Asset Management. One River Carbon Neutral Bitcoin Trust recently received a registration statement from the firm.

    The aforementioned fund is the latest attempt to obtain the long-awaited Bitcoin ETF clearance in the United States, and it is attempting to pitch itself to authorities based on its environmental benefits under the ESG label.

    Interestingly, Clayton is actively involved in the application process, and given Clayton’s professional background, the One River fund has a remarkably excellent chance of being accepted by the financial regulator.

    Adam Pritchard, a law professor at the University of Michigan, commented:

    “He’s no longer a government official; he needs to earn a salary to pay for his expensive Manhattan condo, and you won’t get paid to remain neutral on these issues.”

    Adding:

    “People hire you to be an advocate, to promote what they’re doing, or to offer credibility. So, if you want to monetize your reputation, you’ll have to take aside.”

    Indeed, Clayton’s role in obtaining SEC approval for the ETF will be critical.

    However, it should not be forgotten that under Clayton’s leadership, not a single Bitcoin ETF has seen the light of day in the last four years.

    Will There Be a Bitcoin ETF in 2021?

    Bitcoin ETFs are no longer uncommon, since several nations, like Canada, Brazil, and Switzerland, have embraced the leading cryptocurrencies by authorizing ETFs trading on their major public exchanges.

    However, the scenario in the United States is significantly less hopeful, as multiple attempts to get a Bitcoin ETF approved have failed.

    Ark Investment was the latest firm to submit an application to the SEC seeking approval of their ARK 21Shares Bitcoin ETF.

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