Bitcoin ETF Soon? Don’t Get Your Hopes Up, Says BitGo CEO - Decrypt
Decrypt
17 Nov 2023 6:17 PM
BitGo CEO Mike Belshe said yesterday that market structure issues will likely lead to more Bitcoin ETF rejections....
- BitGo CEO Mike Belshe stated that progress is being made in conversations between ETF applicants and the SEC regarding the approval of a spot Bitcoin ETF.
- However, Belshe also mentioned that there may be another round of ETF rejections before positive news is received, citing concerns over market structure and the separation of exchange and custody roles.
- The SEC has previously raised market structure issues and has filed a lawsuit against Coinbase, alleging that the company should have separately registered its exchange, clearing house, and broker.
- The anticipation for Bitcoin ETF approval has led to price rallies, and the SEC's recent requests for public comments are seen as a positive sign of engagement.
- Traditional finance giants like BlackRock may lead the charge for ETF approvals, but competition is expected from firms more deeply integrated into the crypto ecosystem.
The sentiment of the article is mixed. There is excitement about the progress being made in ETF conversations, but also caution regarding potential rejections and concerns over market structure.
You May Ask
What is the current status of conversations between ETF applicants and the SEC?What are the concerns over market structure that are causing delays in ETF approvals?How has the SEC previously addressed market structure issues?What is the significance of the SEC's lawsuit against Coinbase?Who are the potential players in the approval of a Bitcoin ETF, and what are their advantages and disadvantages?