United States Securities and Exchange Commission (SEC) Chairman Jay Clayton said that for Bitcoin (BTC) to be traded on a major exchange it needs stronger regulation.
Consider the Nasdaq
CNBC reported on Sept. 19 that Clayton made his remarks earlier today at the Delivering Alpha conference, where he also warned investors to be wary until Bitcoin is regulated and traded on a major exchange. Clayton said:
“If [investors] think there’s the same rigor around that price discovery as there is on the Nasdaq or New York Stock Exchange… They are sorely mistaken. […] We have to get to a place where we can be confident that trading is better regulated.”
Bitcoin not traded on major exchanges
The author of the report points out that, while Chicago Mercantile Exchange’s Bitcoin Future contracts are indeed traded on a major exchange, Bitcoin in and of itself is not. According to the article, attempts to bring Bitcoin to the mainstream include attempts to launch Exchange Traded Funds (ETFs) which have been so far rejected by regulators over concerns spurred by its volatility and fraud in the space.
In the last failed attempt to obtain the approval of a Bitcoin ETF — as Cointelegraph reported yesterday — the Chicago Board Options Exchange’s BZX Equity Exchange withdrew its proposal before the U.S SEC for a VanEck/SolidX Bitcoin ETF.
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