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In a new interview with Fox Business, US Securities and Exchange Commission Chairman Jay Clayton says Bitcoin and crypto have a lot of potential, adding there “may be a case where a Bitcoin ETF could satisfy our rules.”

“I think this technology has and is already demonstrating pretty significant promise, but it’s demonstrating significant promise in the places where it’s consistent with our approach to capital raising in the past.”

Seven comment letters submitted to the SEC offering feedback on the VanEck/SolidX Bitcoin ETF proposal are highlighting concerns about market manipulation.

The SEC’s notice of filing for the rule change was met with mixed reviews, mostly negative.

Dina Pinto writes,

“It is in my opinion that Bitcoin to date has no solid ground on which to base a serious product such as an ETF on. It is volatile, manipulated by the very few and has no real use case. I can see a lot of people getting hurt both financially and in other ways by you accepting this proposal. It is in my humble opinion that this proposal be rejected.”

D. Barnwell urges the SEC to issue a decline “without hesitation.”

“I would like to voice my disapproval of this Bitcoin ETP and would ask the SEC to take a much longer time horizon to take a ‘watch and wait approach’ to see if Bitcoin is worthy of becoming a financial product with all the positives and drawdowns it entails.”

The sole positive response from Sami Santos reads,

“Regarding the argument of the SEC that has not yet approved an ETF because of manipulation and mainly appreciates the protection of investors is contradictory, because without an investment fund, the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments (bitcoins).

VanEck already offers insurance to cover possible losses and as such, the investor will show interest in investing in an ETF fund. So I see no reason not to approve VanEck ETF and Bitwise.”

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Chairman Clayton says he’s also concerned about market manipulation and the network of cryptocurrency exchanges.

“What I’m concerned about at the moment is if it can be reasonably demonstrated that the underlying trading is generally not manipulated, it’s happening on reliable venues with good rules and that custody is something we can feel comfortable about.”

Cboe BZX Exchange temporarily withdrew its filing for the VanEck SolidX Bitcoin ETF in January during the government shutdown. It was resubmitted in February, restarting the three-week clock on public feedback. The SEC now has until April 5th to make a decision or grant itself an extension.

If approved, the ETF will enable the buying and trading of SolidX Bitcoin shares that are held by VanEck SolidX Bitcoin Trust.

A Bitcoin ETF from Bitwise Asset Management is also under review by the SEC. The deadline for a decision is also April 5th.