A lot of people don't remember Jay Clayton, but he was the head of the SEC when I started my first company, Basis. He was definitely not a crypto enthusiast, and his harsh guidance arguably caused the 2018 bear market. I remember that, because of his prosecution of Telegram for issuing SAFTs, most exchanges wouldn't list new tokens for a really long time.

I mention this context because it's pretty powerful to hear him say now that a Bitcoin ETF is "inevitable." I almost didn't believe it when I heard that he'd said this. It's possible that being back in the private sector has softened him somewhat, but he's generally pretty careful with his word choice. To hear him say this is, in my view, undoubtedly a strong positive signal.

youtube.com/watch?v=WudbiBkZBC0