BitGo CEO expects further complications before a Bitcoin ETF can hit market


18 Nov 2023 5:54 PM

In a recent interview with Bloomberg TV, BitGo CEO Mike Belshe expressed a cautious outlook on the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. SEC. Belshe’s optimism regarding the potential approval of a spot Bitcoin ETF was accompanied by a dose of realism, indicating that the path to approval might encounter additional […]...

  • BitGo CEO Mike Belshe expressed cautious optimism about the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. SEC.
  • Belshe highlighted market structure issues, particularly the SEC's insistence on separating exchange and custody roles.
  • He believes the SEC will demand a complete separation of these functions before approving ETF applications.
  • Analysts estimated a 90% chance of ETF approval in January 2024, but Belshe's remarks indicate rejection remains possible.
  • The anticipation for a spot Bitcoin ETF has driven recent Bitcoin price rallies.

The overall sentiment of the article is cautious optimism. While there is hope for the approval of spot Bitcoin ETFs, there are concerns about market structure issues and the potential for further rejections by the SEC.

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You May Ask

What is the key concern highlighted by BitGo CEO Mike Belshe regarding spot Bitcoin ETF approval?How does Belshe suggest aligning with the separation model of exchanges and custody roles?What are the potential risks associated with Coinbase as a custody partner for ETF applicants?What has been the driving force behind recent Bitcoin price rallies?What is the likelihood of ETF approval according to analysts?

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