Former chairman of the U.S. Securities and Exchange Commission (SEC) Jay Clayton has come out in support of spot bitcoin ETFs, acknowledging that the bitcoin market has improved significantly since he left office.

According to Clayton, if institutional players can prove that a spot ETF is better suited for investors than a futures ETF, then it will be difficult for the SEC to refuse applications. He added that he knows that many leading financial companies, such as BlackRock, Fidelity and Wisdom Tree, are interested in this product.