SEC Chair Jay Clayton Says There is ‘Work Left to Be Done’ in Bitcoin ETFs

U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton earlier talked with CNBC’s Bob Pisani with regards to the regulator’s most recent interpretation of Bitcoin (BTC) exchange-traded funds (ETFs).

Talking with Pisani on September 9, the SEC chairman expressed that, albeit noteworthy advances have been taken to address administrative concerns over a Bitcoin ETF, there is “work left to be done.” Clayton proceeded to state that the SEC’s inquiries as to Bitcoin ETFs were not minor, stating:

“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 recently stated that the commission was taking a shot at making Bitcoin ETF’s a likelihood for investors in the U.S., but accentuated the requirement 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.”

It was previously reported that the commission would postpone its decision on Wilshire Phoenix’s United States Bitcoin and Treasury Investment Trust to September 20.

Bitwise’s listing on NYSE Arca and VanEck’s listing should hold up until October 13 and October 18, respectively. The SEC recently delayed decisions on the two ETFs, but now should settle on its ultimate decision before the previously mentioned dates.