As news of SEC chairman Jay Clayton leaving the commission continues to circulate, Galaxy Digital’s Founder and CEO Michael Novogratz is looking forward to its confirmation as he says it will be good for Bitcoin.
President Donald Trump has proposed to make Clayton the United States attorney for the Southern District of New York in place of Geoffrey Berman.
Confirmed as SEC chairman in May 2017, Clayton has served as the SEC chairman since then and the cryptocurrency industry has not had the best time with the commission particularly in the pursuit of a Bitcoin ETF.
Several applications have been submitted during this period for an ETF, including that of Bitwise and VanEck. Despite several postponements, however, none of the applications were approved and there is currently little or no hope for such approval. Novogratz thinks Jay’s departure may even help in the effort to get a Bitcoin ETF.
Bitcoin has in 11 years accumulated an ROI of almost 7000% without an ETF. This is more solid than most investments yielded within the first 11 years of their existence. It is currently one of the best-performing assets of 2020 and is expected to do even better.
This has led Bitcoin supporters to believe that the asset will do well regardless of who the SEC chairman is and without an ETF. Some of Novogratz’s followers share this sentiment as shown in their comments.
Nonetheless, the cryptocurrency industry needs the cooperation of the SEC to grow into its full potential and Novogratz hopes that the chairman’s successor will be a “futurist” with the desire to develop the industry which is believed to be the future of money. Bitcoin has not made much progress towards breaking through $10,000 but has managed to hold $9,000 till this month.