According to CNBC, US Securities and Exchange Commission Chairman Jay Clayton said on Thursday that Bitcoin will not be listed on mainstream exchanges until it is strengthened. Investors should remain vigilant before this.
Bitcoin currently has a market capitalization of $177 billion, and there have been several attempts to enter the mainstream market, including the launch of exchange-traded funds (ETFs), making it easier for retail investors to enter the field. However, regulators do not recognize Bitcoin's entry into the mainstream market in the face of volatility in prices, negative news, and widespread skepticism about the stability of the encryption industry in mainstream society.
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On Wednesday, Cboe BZX Exchange announced the withdrawal of the VanEck/SolidX Bitcoin ETF proposal. US government law enforcement defense and securities litigation lawyer Jake Chervinsky believes that VanEck withdrew the Bitcoin ETF proposal, probably because the US Securities and Exchange Commission will reject it next month. Although the current Bitwise ETF proposal is still waiting (temporary), the SEC will make a final decision on October 13, but he speculates that there will be no Bitcoin ETF in 2019.
Circle CEO Jeremy Allaire also said in an interview that the US Securities and Exchange Commission (SEC) will not pass the Bitcoin ETF proposal because SEC Chairman Jay Clayton is against Bitcoin.
Clayton said at the opening speech at the Delivering Alpha conference in New York:
"If (investors) think that the price discovery mechanism of Bitcoin is as strict as the Nasdaq or the New York Stock Exchange… then they are very wrong. We must first ensure that the transaction is better regulated."
In fact, the problem of price discovery is also an important factor hindering the adoption of the Bitcoin ETF.
When Bitcoin was closest to the mainstream exchange, the Chicago Mercantile Exchange (CME) announced the launch of Bitcoin futures trading. However, bitcoin spot has not been traded on mainstream traditional exchanges so far.