Chairman of the United States Securities and Exchanges Commission (SEC), Jay Clayton told CNBC in a recent interview that progress is being made on the path to approving the first Bitcoin exchange-traded fund (ETF).
Clayton had once mentioned that market manipulation and issues around custody were the primary reasons why the SEC has not approved a Bitcoin ETF and was in the latest interview made to reveal whether the firms filing for the listing have addressed those concerns.
"Yes, but there's work left to be done," Clayton replied before highlighting once again that issues around Bitcoin price manipulation and custody were important questions that firms needed to answer before getting the SEC’s blessing for a Bitcoin ETF.
However, he also raised hopes that the wait will soon be over, saying,
“Now, progress is being made, but people needed to answer those hard questions for us to be comfortable that this was the appropriate type of product.”
Apparently, ‘progress being made’ with regards to the SEC’s hard questions has to do with ongoing consultations between the regulator and the three asset management firms who have pending proposals with the agency for a Bitcoin ETF (Bitwise, VanEck/SolidX, and Wilshire Phoenix).
Although Clayton failed to disclose anything concerning the chances of the three aspirants seeing a green light, the SEC is set to make a final ruling on two of the proposals (Bitwise, VanEck/SolidX) in October.
As Stmarket.co reported, the SEC has already delayed announcing a final decision on two occasions, before announcing another extension in August. That announcement means that the regulator will by October exhausted the 240-day waiting period which started in February when the proposals were published in the federal register for public comments.