Mike Belshe, CEO of cryptocurrency exchange BitGo, has suggested that all signs are leaning towards a favorable outcome for a spot bitcoin (btc) exchange-traded fund (ETF). However, he emphasized that the road ahead will not be without challenges.
in a interview In an interview with Bloomberg on November 16, Belshe explained that based on discussions between companies seeking approval of the bitcoin ETF and the United States Securities and Exchange Commission (SEC), he has an optimistic view that approval is imminent.
However, he noted that improving market structure is a must before the SEC grants final approval for a bitcoin ETF:
“I think it is very likely that we will have another round of ETF rejections before we receive positive news.”
Belshe reiterated the SEC’s stance on separating crypto exchanges from custodians, emphasizing that this condition must be addressed before approval.
Additionally, he referenced Sam Bankman-Fried, former CEO of now-defunct crypto exchange FTX, stating that he was trying to make FTX a multi-faceted operation:
“15 months ago we had Sam Bankman-Fried marching all over Washington DC defending his seven key points of the regulations. He basically he said, let me take on all these functions, it will be great, it will be efficient.”
Related: WisdomTree Amends Form S-1 Spot bitcoin ETF Filing as crypto Awaits SEC Decisions
This follows reports indicating that excitement around the possible approval of a bitcoin spot ETF has caused a significant increase in fees on the bitcoin blockchain in recent times.
On November 16, fees paid on the bitcoin blockchain skyrocketed to $11.6 million, marking a 746% increase in the average transaction fee compared to 2022.
According to Cointelegraph market analysis, bitcoin is holding steady near 18-month highs, surpassing its bear market trading range.
There are currently 12 asset management firms waiting to hear the results of bitcoin ETF applications. According to Bloomberg analyst James Seyffart, there is a 90% chance of approval before January 10, 2024.
Magazine: Gracy Chen, bitcoin ETF Bullish and Worldcoin Skeptic: Hall of Flame
