Novogratz: As Jay Clayton Leaves The SEC, A Bitcoin ETF Has A Higher Chance Of Approval
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The chairman of the securities and exchange commission in the United States, Jay Clayton recently announced that he will be leaving the commission and as this news took flight, the founder and CEO of galaxy digital, Michael Novogratz has said that this will be good for the flagship cryptocurrency.
In fact, the President of the United States, Donald Trump has proposed to make Clayton the United States attorney for the southern district of New York in place of Geoffrey Berman. Since Clayton became the chairman of the SEC in May 2017, there have been numerous applications that have been submitted for an ETF. This will include Bitwise and VanEck.
Even though there have been several postponements over the years, none of these applications were approved and there is little to no hope for approval to ever actually happen.
The Galaxy Digital CEO believes that the departure of Clayton could help the effort to get an ETF approved. In just over 10 years, bitcoin has accumulated an ROI of almost 7000% without an ETF. This is a significantly more solid route than most investments go down there in the first 11 years of their existence. Into 2020, it is one of the best-performing assets and is predicted to do even better in the long run.