Jay Clayton is the ex-chairman of the Securities and Exchange Commission (SEC). He was the man who strongly believed that the US market doesn’t need a cryptocurrency exchange-traded fund (ETF). Things change!
Clayton previously said that Bitcoin’s market is prone to manipulations and therefore the crypto derivatives are unnecessary. Even though he was against the ETF after his mandate he became a crypto adviser to the digital hedge fund One River Asset Management.
✍️Author: Militsa Dimitrova👒– follow me on Twitter
Recently One River applied for a Bitcoin and is one of the eight businesses on a waiting list for the crypto ETF.
ETF is a popular financial product. It allows the investors to buy stocks that represent an underlying asset. Using the crypto ETF you can invest in Bitcoin or Ethereum without owning it.
Canada was the first North American country to approve a crypto ETF. The country already has 8 crypto ETFs and all of them are successfully trading. On the other hand, the USA is still thinking about the question.
One River has something really special in its application. The company is focusing on the environmental footprint of Bitcoin and says that the ETF will be more eco-friendly. The application comes at a hard time for the cryptocurrency and the electricity it consumes. Elon Musk tweeted his concerns and said that Tesla stops accepting BTC for its products. Last Friday China announced that it will try to control the mining industry.