What the specialist says
Clayton argues that if crypto companies are right in believing that the spot stock market has the same efficiency as the futures market, then it will become difficult to resist approval.
However, he warns that the procedure will not be fast. The specialist also notes that it is necessary to carefully regulate the process. Additionally recognizes the significant successes that the cryptocurrency industry has been able to achieve. This is especially true for institutional investments.
The ex-head led the Commission for three years until 2020. At that time, the structure did not give approval for several applications for a spot bitcoin ETF. She also filed a lawsuit against Ripple Labs, which issues a commission of the same name.
Clayton claims that earlier the agency did not accept an exchange-traded fund with digital gold, as there was no transparency. The Commission also feared that the interests of clients would not be sufficiently protected.
When the agency issued consent for futures ETFs, officials asked to look at it. They indicated that they see supervision and protection of clients. That's quite enough. However, Clayton explains that they do not see the same with a spot ETF.
