The U.S Securities and Exchange Commission (SEC) chairman Jay Clayton made a public statement on Friday, in which he expressed concerns over Bitcoin (BTC) ETF approvals and stressed the importance of investor protection.

Clayton spoke about Bitcoin Exchange-Traded Fund (ETF) during a Fox Business interview where he aired out concerns about investor protection. The statement just as the SEC has been in the process of approving a Bitcoin ETF. The SEC chairman’s statement also highlights security as one of the key issues that have plagued the cryptocurrency markets and even stood in the way of cryptocurrency ETFs.

“What I’m concerned about at the moment is if it can be reasonably demonstrated that the underlying trading is generally not manipulated,” stated Clayton.

The SEC chairman also noted that the goal of the regulator is to make sure that the Bitcoin ETFs takes place on reliable platforms that have reasonable rules. He also added that customers should be comfortable with the custody programs on such platforms.

Despite his forward-thinking statement, the SEC head did not make any direct comments about specific Bitcoin ETF application. However, the financial regulator plans to review the Bitcoin ETF filings by SolidX and VanEck. Investors will thus enjoy a safer experience with Bitcoin ETFs if the SEC stresses the need for investor protection.

Bitcoin ETFs are almost there but some changes need to be made

Robert J. Jackson Jr., an SEC commissioner is convinced that Bitcoin ETFs are headed in the right direction and that they might soon secure regulatory approval. He pointed out in a statement on Wednesday, saying that he believes that one of the applicants will eventually fulfill the standards set by the SEC. However, Clayton maintains that Bitcoin ETFs will likely not secure regulatory approval until they address various concerns such as market manipulation.

The SEC has so far rejected about 10 cryptocurrency ETFs-related approvals from companies such as GraniteShares, Direxion and ProShares. But the most popular Bitcoin ETF application rejection is that of the Bats BZX Exchange which is run by the Winklevoss twins. Their filings have been rejected twice and market manipulation has been a major source of concerns in all the applications.