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Jay Clayton insists on making crucial changes in the BTC markets before approving any Bitcoin ETF

Jay Clayton insists on making crucial changes in the BTC markets before approving any Bitcoin ETF
Dec 1, 2018 by Rico Wise

According to Clayton’s statement, BTC cryptoexchanges have inefficient transparency and surveillance for the cryptomarket to witness the approval of BTC exchange-traded funds.

As previously reported, SEC Chairman stated that financiers expect to see manipulation-free commodity trading opportunities, and currently this is the problem that still needs to be dealt with in order to ensure comfortable conditions in the market.

Clayton believes that BTC exchange-traded fund would be too exposed for manipulations, and more arrangements have to be made in order to ensure the prevention of such risks. This coincides with the continuous actions and probes of the federal government into the issuer of the first stablecoin, USDT token – Tether LLC, and Bitfinex, which is a cryptoexchange that allegedly collaborates with Tether to engage in BTC value manipulation.

Generally, the BTC cryptomarket is too young to have developed the instruments required by the SEC in order to obtain an ETF approval, which, in case of implementation, would instantly become a go-to way of financing the whole BTC cryptomarket without actually holding any BTC coins. Subsequent to the denial of ETF application filed by the Winklevoss brothers, the famous twins have turned to Nasdaq for assistance to utilize their monitoring software on the Gemini cryptoexchange.

In the upcoming future, there might be numerous BTC exchange-traded funds, but for the present period there will not be any. The push towards strict regulatory compliance will need to continue much longer before the watchdogs can obtain the assurance that the cryptomarket is safe from large-scale manipulation.

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