This week, the <a href="https://www.cryptoknowmics.com/crypto/btc-price-manipulation-as-a-factor-in-bitcoin-etf-and-regulatory-delay-sec-chairman-jay-clayton/">Securities and Exchange Commission</a> (SEC) Chairman Jay Clayton said in an appearance before the Economic Club of New York that he still had concerns over approving a Bitcoin exchange-traded fund (ETF).
He claimed that the market had taken steps to address the SEC's concerns about approving a bitcoin ETF, but there is still a lot of work left to be done.

In the brief Q&amp;A <a href="https://www.sec.gov/news/speech/speech-clayton-2019-09-09">session</a> that followed a speech, Clayton stated:
<blockquote>"When you put it [Bitcoin] into a product and make it security, then we have to worry about whether it trades appropriately or not and whether it can be held appropriately or not."</blockquote>
He went on to reiterate that it troubles him that people look at the trading on crypto exchanges and think it has the same level of protection available in the equity market in the U.S., explaining that nothing could be further than the truth.

Clayton's comments come just weeks before the SEC is predicted to approve or reject a number of bitcoin ETF proposals.
<h2>Bitcoin ETFs at a Crossroads </h2>
So far, the SEC has either overruled or delayed rulings on several Bitcoin ETFs that it has received in recent years. The regulator is expected to issue final decisions on three pending approval requests on or around Sept. 29, 2019. 

Bitwise Asset Management, which filed an ETF proposal with the <a href="https://www.nyse.com/index">NYSE</a>, has published several reports over the past year in an attempt to convince the SEC that the crypto market is mature enough to support a Bitcoin ETF product.

Another exchange awaiting ETF approval is VanEck, which has already started offering shares of its VanEck SolidX Bitcoin Trust to a few qualified institutional buyers using an exemption under the SEC's guidelines.

Despite the consistent denials of ETF requests up to now, expectations are still high that the imminent ETF decision may finally be the one that gets the green light. 

However, Clayton's recent remarks may have quelled those hopes once more.
<h2>The Hurdles of the Approval Process</h2>
During an Invest conference in November 2018, the SEC chairman said <a href="https://www.cnbc.com/2018/11/27/sec-wants-key-upgrades-in-crypto-markets-before-approving-bitcoin-etf.html">concerns</a> around risk manipulation were a significant obstacle for the approval of a Bitcoin ETF. 

He also shared concerns over lack of market surveillance, primarily because most cryptocurrency exchanges do not have the same monitoring tools as the banks. That means investors may not see a genuine valuation of Bitcoin's price.

Clayton remarked during that conference that he didn't see a pathway to a crypto ETF approval until concerns over market manipulation were resolved.

SEC's Chairman Shares Concerns Over Approving a Bitcoin ETF

Am Wayne, a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

SEC's Chairman Shares Concerns Over Approving a Bitcoin ETF

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