Former SEC Chair Jay Clayton, noted that trading of Ethereum ETH/USD spot ETFs in the U.S. was a foregone conclusion.
What Happened: In an interview with CNBC, Clayon dissected the approval process for the investment avenues.
“There’s the listing approval, which is what happened yesterday [on May 23rd], and then there’s the approval of the product itself, which is still pending,” the ex-SEC chief explained.
“I think it’s inevitable,” Clayton responded to a query from the interviewer regarding the possibility of trading Ethereum ETFs. “The question that was decided [on May 23rd], to speak technically, is that this market is efficacious enough for this product to be listed on the exchange, but there are other questions out there.”
Why It Matters: The former SEC Chair’s words are reminiscent of his prediction earlier this year when he deemed Bitcoin BTC/USD spot ETF approvals “inevitable,” two days before the eventual listing.
The SEC approved spot Ether ETFs last week, giving a significant boost to the effort to mainstream the second-largest cryptocurrency in the United States.
Drawing parallels with Bitcoin’s trajectory post its ETF approval, cryptocurrency market researcher Kaiko anticipated a similar infusion of bullish strength into Ether.
Price Action: At the time of writing, ETH was trading at $3,846.29, down 1.62% in the last 24 hours, according to data from Benzinga Pro.…Read more by Aniket Verma
