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Bitcoin ETF approval nearing, but brace for more setbacks — BitGo CEO

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Mike Belshe, CEO of cryptocurrency alternate BitGo, has instructed that every one indications are leaning towards a positive final result for a spot Bitcoin (BTC) exchange-traded fund (ETF). Nonetheless, he emphasised that the journey forward gained’t be with out challenges.

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

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

“I believe it’s fairly possible we’ve one other spherical of ETF rejections earlier than we get the constructive information.”

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

Moreover, he referenced Sam Bankman-Fried, the previous CEO of the now-defunct crypto alternate 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. He mainly stated, let me tackle all these features, 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 stories indicating that the joy surrounding the potential approval of a spot Bitcoin ETF led to a significant surge in fees on the Bitcoin blockchain in current occasions. 

On Nov. 16, the charges paid on the Bitcoin blockchain soared to $11.6 million, marking a 746% enhance within the common transaction charge in comparison with 2022.

In accordance with 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 functions. In accordance with Bloomberg analyst James Seyffart, there’s a 90% probability of approvals by Jan. 10, 2024.

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