Spot Bitcoin ETF Hopes Dampened by BitGo CEO's Market Structure Concerns
Cryptoglobe
18 Nov 2023 12:02 PM
BitGo CEO Mike Belshe expresses skepticism about the imminent approval of a spot Bitcoin ETF in the U.S., citing market structure issues and potential further rejections....
- BitGo CEO Mike Belshe expressed a mix of optimism and caution regarding the approval of a Bitcoin ETF by the SEC.
- He acknowledged progress in discussions between ETF applicants and the SEC but predicted further rejections.
- Belshe highlighted market structure issues, particularly the SEC's emphasis on the separation of exchange and custody roles, as a primary concern.
- He drew parallels between Coinbase's approach and the failed strategy of FTX.
- Kevin O'Leary projected an 18-month timeline for the SEC's approval of a spot Bitcoin ETF.
- O'Leary emphasized the need for a compliant crypto exchange and identified Bitcoin's 24/7 trading nature as obstacles for institutional investment.
- Despite challenges, O'Leary revealed that major institutions are interested in investing in Bitcoin.
- O'Leary anticipates that the approval of a spot Bitcoin ETF could coincide with the end of SEC Chairman Gary Gensler's current term.
The overall sentiment in the article is a mix of optimism and caution regarding the approval of a Bitcoin ETF by the SEC. There is optimism about advancements toward a spot Bitcoin ETF, but also caution due to potential obstacles and rejections.
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