According to former SEC chairman Jay Clayton, a Bitcoin ETF could be approved if it can demonstrate its effectiveness as an investment vehicle for digital assets. However, Clayton did not provide a timeline for approval. He suggested that if the Bitcoin spot market had similar investor protections and oversight measures as the futures market, it would be challenging for the SEC to reject a proposed ETF.

Companies seeking approval for a Bitcoin ETF, such as BlackRock and Grayscale, have faced challenges, leaving investors disappointed. Grayscale has emphasized the importance of regulatory clarity and consistency in the cryptocurrency industry and advocated for a fair assessment of proposed Bitcoin ETFs.