At the coindesk’s consensus invest conference that took place on Tuesday this week, Jay Clayton, U.S. SEC’s chairman opens up that we shouldn’t expect any cryptocurrency ETF approval unless exchanges stops manipulating the market.
The chairman seemed to be very mean and serious while speaking on this issue. His words to Glenn Hutchins who moderated him at the conference were:
How that manipulation issue gets addressed, I don’t really know. But it needs to be addressed before an ETF gets approved. The prices retail investors are seeing are the prices they should rely on, and free from manipulation – not free from volatility, but free from manipulation.
Apart from manipulation on the market by exchanges, Clayton also said that “custody concerns” has also been part of the reason why an ETF approval was put delay all these while.
Clayton, the American attorney and U.S. SEC chairman can be said to be the backbone of the regulatory body. Ever since his nomination as chair person to the regulatory body (Jan 20, 2017), things have never remained the same. In his regime as chairman, we have seen a drastic fall in the number of scammy projects who parade themselves all in the name of conducting ICO’s.