Bitcoin ETF approval nearing, however brace for extra setbacks: BitGo CEO

Mike Belshe, CEO of cryptocurrency trade BitGo, has prompt that each one indications are leaning in the direction of a positive final result for a spot Bitcoin (BTC) exchange-traded fund (ETF). Nevertheless, he emphasised that the journey forward will not be with out challenges.

In an interview with Bloomberg on November 16, Belshe defined that primarily based on the discussions happening between companies looking for Bitcoin ETF approval and the US Securities and Trade Fee (SEC), he holds an optimistic view that approval is imminent.

Nevertheless, he identified that enhancing the market construction is a should earlier than the SEC grants final approval for a Bitcoin ETF:

“I feel it’s fairly probably now we have one other spherical of ETF rejections earlier than we get the optimistic information.”

Belshe reiterated the SEC’s stance on separating crypto exchanges from custodians, emphasizing that this situation should be addressed earlier than approvals are granted. 

Moreover, he referenced Sam Bankman-Fried, the previous CEO of the now-defunct crypto trade FTX, claiming that he was attempting to make FTX a multifaceted operation:

“15 months in the past we had Sam Bankman-Fried marching throughout Washington D.C. advocating his seven key factors of rules. The place he principally stated, let me tackle all these capabilities, it’s going to be nice, it’s going to be environment friendly.” 

Associated: WisdomTree amends S-1 form spot Bitcoin ETF filing as crypto awaits SEC decisions

This follows experiences indicating that the thrill surrounding the potential approval of a spot Bitcoin ETF led to a significant surge in fees on the Bitcoin blockchain in current instances. 

On November 16, the charges paid on the Bitcoin blockchain soared to $11.6 million, marking a 746% improve within the common transaction charge in comparison with a 12 months in the past.

Based on Cointelegraph’s market evaluation, Bitcoin is holding regular close to 18-month highs, surpassing its bear market buying and selling vary.

There are at present 12 asset administration companies waiting to hear outcomes for Bitcoin ETF purposes. Based on Bloomberg analyst James Seyffart, there is a 90% probability of approvals by January 10, 2024.

Journal: Bitcoin ETF optimist and Worldcoin skeptic Gracy Chen: Hall of Flame