Mike Belshe, CEO of cryptocurrency exchange BitGo, said all signs are pointing toward a favorable outcome for the spot Bitcoin (BTC) exchange-traded fund (ETF). However, he stressed that the journey ahead would not be without challenges.
in a interview In an interview with Bloomberg on November 16, Belshe explained that based on discussions between companies seeking Bitcoin ETF approval and the U.S. Securities and Exchange Commission (SEC), he is optimistic that approval is imminent.
However, he pointed out that before the SEC can finally approve a Bitcoin ETF, the market structure must first be improved:
“I think we’re probably going to have another round of ETF rejections until we get some positive news.”
Belshe reiterated the SEC’s stance on separating cryptocurrency exchanges from custodians, stressing that this condition must be addressed before approval.
Additionally, he mentioned the former CEO of now-defunct cryptocurrency exchange FTX, Sam Bankman-Fried, claiming that he was trying to make FTX a multi-faceted business:
“Fifteen months ago, Sam Bankman-Fried marched on Washington, D.C., touting his seven key regulatory points. He basically said, let me take on all these functions, and this is It’s going to be great and it’s going to be efficient.”
Related: WisdomTree Modifies Form S-1 Spot Bitcoin ETF Filing, Crypto Pending SEC Decision
It was previously reported that excitement surrounding the potential approval of a spot Bitcoin ETF has led to a recent surge in fees on the Bitcoin blockchain.
On November 16, fees paid on the Bitcoin blockchain soared to $11.6 million, with average transaction fees increasing 746% from a year ago.
According to market analysis from Cointelegraph, Bitcoin is currently holding steady near an 18-month high, exceeding bear market trading range.
There are currently 12 asset managers awaiting the results of their Bitcoin ETF applications. Bloomberg analyst James Seyffart said there is a 90% chance of approval by January 10, 2024.
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