Bitcoin ETF approval nears, but cheers for more hurdles: BitGo CEO
Mike Belshe, CEO of the cryptocurrency exchange BitGo, pointed out that all the indications are leaning towards a favorable outcome for the Bitcoin (BTC) exchange-traded fund (ETF). However, he stressed that the upcoming journey will not be without ups and downs.
In a Nov. 16 interview with Bloomberg, Belsche expressed optimism that approval is imminent based on discussions between organizations seeking Bitcoin ETF approval and the United States Securities and Exchange Commission (SEC).
However, the SEC pointed out that it is necessary to improve the market structure before giving final approval to the Bitcoin ETF.
“I think we may have another round of ETF declines before we get the positive news.”
Belsche reiterated the SEC's position on separating crypto exchanges from custodians, stressing that this situation must be corrected before certification.
Additionally, Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX, has hinted that he is trying to make FTX a more versatile operation.
“15 months ago, Sam Bankman-Fried was marching across Washington, D.C. in support of his seven key principles. He basically said, I'm going to do all these things, it's going to be great, it's going to be effective.
Related: WisdomTree updates S-1 filing for Bitcoin ETF as crypto awaits SEC rulings
This position follows reports that the excitement surrounding the potential approval of a Bitcoin ETF has led to a high payout on the Bitcoin blockchain in recent times.
On November 16, the payment on the Bitcoin blockchain rose to 11.6 million dollars, which showed a 746% increase in the average transaction fee compared to a year ago.
According to Cointelegraph market analysis, Bitcoin has surpassed bear market trading limits and is holding straight at 18-month highs.
There are currently 12 asset management firms waiting to hear results for Bitcoin ETF applications. According to Bloomberg analyst James Seifert. January 10, 2024 There is a 90% chance of approval.
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