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17 September 2021
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Bitcoin ETF Approval ‘Hangs in the Balance,’ Hopes Up on New SEC Chairman

U.S. President Donald Trump has appointed Jay Clayton to serve as the United States Attorney for the Southern District of New York (Manhatten Area). The designation is a big upgrade as now he will hold the ‘most powerful prosecutor’s office in the world.’

Micheal Novogratz, founder of Galaxy Digital tweeted,

Have to think Jay Powell (Clayton) leaving the SEC is good for $BTC. Makes etf more likely. Let’s hope his successor is a futurist.

Crypto and SEC Under Jay Clayton

For Bitcoiners, Clayton term will be remembered as the one with the delay and rejections. Until recently as well, the SEC under him held their views on manipulation in the crypto markets.

Nevertheless, on the bright side, the SEC a fairly good job in differentiating between crypto assets, and curbing on the ICOs. Many ICOs including Electroneum, EOS, and so on were labelled as the illegal sale of securities in accordance with the Securities Act of 1933. Preston Byrne, lawyer and partner at Anderson Law Kill 

I think he did a good job at the SEC and read the tech more or less correctly. He determined Bitcoin wasn’t a security, after all.

About the Future SEC Chairman

The decision on the appointment of the new SEC Chairman is pending.

Moreover, Trumps’ appointment is being contested by the former Attorney for the SDNY, who says, “I have not resigned.” He is seeking the confirmation of Clayton’s appointment by Trump from the Senate.

Geoffrey Berman who currently holds the position has defied the US Attorney General’s statement on his resignation. It is believed that the reason for the instant appointment and discontentment has something to do with Berman’s prosecutions of allies of President Donald Trump and an investigation into Rudy Giuliani.

The Senate might vote against Trump’s appointment. Nevertheless, for now the die has been cast and with it hangs the future of Bitcoin ETF in the US. Jake Chervinsky, a U.S. lawyer who speaks on the issues related to crypto regulations noted,

Our chance at ETF approval & clarity on a wide range of issues for years to come hangs in the balance.

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