In the midst of recent fake news which shook the crypto community, anticipation and excitement around the possible approval of bitcoin (btc) spot exchange traded funds (ETF) from the US Securities and Exchange Commission (SEC) have not decreased.
Adding to the growing optimism, the CEO of Galaxy Digital Mike Novogratz has given more hope for the imminent approval of these funds.
Novogratz Sees Promising Signs for bitcoin Spot ETFs
During a recent interview On CNBC, Novogratz, CEO of the crypto asset management company, expressed his belief that the bitcoin spot ETF will receive regulatory approval from the SEC in 2023.
He cited constructive discussions between bitcoin ETF issuers and the SEC as an indicator of the likelihood of a timely approval of a bitcoin ETF soon. Novogratz emphasized:
We believe a bitcoin ETF will be approved this year in 2023. All trading signs seem to be going in the right direction. There is enormous pressure to do something that is rational. The American public wants this.
One crucial factor that Novogratz highlighted as a turning point for the SEC is the recent Grayscale court ruling. The United States Securities and Exchange Commission decided not to appeal the court’s decision in a case involving the federal securities regulator and Grayscale Investments.
According to Novogratz, this development has had a significant impact on the regulatory landscape and paved the way for potential approval.
Novogratz further revealed that the ongoing dialogue between Galaxy Digital, its partner Invesco for the btc spot ETF, and the SEC has been encouraging, pointing toward imminent approval.
These discussions have provided positive signals that regulatory authorities are open to adopting the bitcoin Spot ETF framework.
Positive ripple effects for cryptocurrencies
Regarding the previous false reports regarding btc spot ETFs, Novogratz emphasized that any positive announcement in this regard will likely have a positive impact on the market.
Many believe that the possible approval of a bitcoin spot ETF has major implications for the bitcoin market and the broader crypto space.
This week’s events have highlighted the tremendous potential and influence that approval could have, not only on the bitcoin market but also in shaping the future of the cryptocurrency industry as a whole.
As the dialogue between bitcoin ETF issuers and the SEC continues to evolve, the crypto community eagerly awaits the SEC’s decision, hoping it will pave the way for greater accessibility and widespread adoption of bitcoin investing. .
The market-leading cryptocurrency, btc, is trading at $28,100, representing a drop of 0.9% in the last 24 hours.
Featured image from Shutterstock, chart from TradingView.com
