Former SEC Chair Endorses Approval of Spot Bitcoin ETF.

"Was I mistaken in my belief that the Bitcoin Spot ETF would be approved? Perhaps. However, I remain skeptical about its approval. Let's remember that every entity had to select a custodian, and Coinbase emerged as a leading choice for overseeing Bitcoin holdings. The issue here is that Coinbase is currently facing legal action from the SEC. While the custodian and exchange functions are separate, they fall under the same company. Adding to my doubts is the fact that Gary, who is part of the Biden administration, has shown a strong aversion towards Bitcoin and the entire crypto market. Considering these factors, my outlook on the approval of the ETF isn't very positive. Hopefully, I will be proven wrong. In a recent video, former SEC Chair Jay Clayton expressed his view that the Bitcoin ETF should be approved, but only time will tell."