During the Delivering Alpha conference, SEC Chairman Jay Clayton stated that Bitcoin would need more regulatory clarity in order to get listed on Nasdaq or the New York Stock Exchange (NYSE), CNBC reports.
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’s volatility problem
Bitcoin routinely faces a lot of criticism because of its volatile price swings. On Sept. 19, the top coin by market capitalization dropped by more than five percent, wiping out $150 mln worth of longs on BitMEX.
Back in November 2018, Clayton voiced his concern over rife market manipulations across Bitcoin markets.
With that being said, investors are still able to get exposure to the top coin by putting money into Grayscale's Bitcoin Investment Trust, which is listed on Nasdaq under the ticker symbol GBTC.
No ETF approval so far
As U.Today reported recently, Clayton stated that the US securities watchdog was inching closer to approving a Bitcoin ETF, but there was still some work left to be done.
VanEck Securities and SolidX Management withdrew their rule change proposal on Sept. 13, but Bitwise could still get the much-coveted nod from the US regulator by Oct. 13.