More Bitcoin ETF Rejections 'Quite Likely,' BitGo's Belshe Says
Belshe says the SEC could reject ETF applications until exchanges and custody separate out....
- BitGo CEO Mike Belshe believes that the SEC will likely reject spot bitcoin ETF applications due to the lack of separation between exchanges and custody.
- Coinbase has been chosen as a custody partner for some ETF applicants, but Belshe highlights undisclosed risks associated with the platform.
- Despite industry optimism, several ETF analysts estimate a 90% chance of rejection in January.
- The SEC has previously rejected ETF applications, citing concerns over market manipulation and customer protection.
- BlackRock filed an application for a spot bitcoin ETF in June, coinciding with a 45% rally in BTC price.
The sentiment of the article is mostly negative, as it highlights the likelihood of the SEC rejecting spot bitcoin ETF applications and raises concerns about the risks associated with Coinbase.