US SEC Chairman Says 'There Is Work Left To Be Done' On Bitcoin ETF



United States Securities and Exchange Commission (SEC) Chairman Jay Clayton has recently revealed that there is "work left to be done" regarding Bitcoin Exchange Traded Fund (ETFs)

Speaking to Bob Pisani on Sept. 9 regarding the regulator's latest take on Bitcoin ETF, Clayton stated that although significant steps have been taken to address regulatory concerns vis-a-vis a Bitcoin ETF, there is “work left to be done.” Clayton went on to say that the SEC’s questions in regard to Bitcoin ETFs were not trivial, adding:

“Given that they trade on largely unregulated exchanges [...] how can we be sure that those prices aren’t subject to significant manipulation? 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.”

Clayton has previously mentioned that the commission was working on making Bitcoin ETF’s a possibility for investors in the U.S., but emphasized the need for security in regulated markets, saying:

“We’re engaging on this, but there are a couple of things about it that we need to feel comfortable with. The first is custody: custody is a long-standing requirement in our markets, and if you say you have something you really have it.”