Former SEC Chief Predicts Inevitable Trading Of Ethereum Spot ETFs In US; Market-Data Provider Draws Parallels With Bitcoin's Post-ETF Success

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 Next: Mt. Gox’s $2.9B Bitcoin Transfer Spooks Traders: Big Dip Incoming?

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsBitcoinbitcoin ETFEthereumEthereum Spot ETFJay ClaytonSEC
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!