BitGo CEO on Approaching Bitcoin ETF Approval and Possible Setbacks

Cryptocurrency ETF Approval

Mike Belshe, CEO of cryptocurrency exchange BitGo, has expressed a positive outlook for a spot Bitcoin (BTC) exchange-traded fund (ETF) being approved, but warned that the process will not be without challenges. In an interview with Bloomberg on November 16, Belshe said that the discussions between firms seeking Bitcoin ETF approval and the United States Securities and Exchange Commission (SEC) are leaning towards a favorable outcome.

However, he pointed out that the market structure must be improved before the SEC grants ultimate approval for a Bitcoin ETF. Belshe echoed the SEC’s position on separating crypto exchanges from custodians, stressing that this condition must be met before any approvals are granted.

The journey towards a Bitcoin ETF is a complex one, and it requires the careful consideration of various factors, such as the robustness of the crypto exchanges and the security of the custodians. The SEC’s insistence on separating the exchanges from the custodians is a testament to the importance of these two components in the crypto industry.

The crypto space is rapidly evolving, with new players such as Renq, Muse, On, Polymath, Russia, Robinhood, Sand, and QNT joining the fray. These entities have the potential to shape the future of the industry, and their presence could be a deciding factor in the approval of a Bitcoin ETF.

Cryptocurrency Surges Amid Potential Approval of Bitcoin ETF

Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX, had sought to make FTX a multifaceted operation. Recently, reports indicated that the potential approval of a spot Bitcoin ETF has caused a surge in fees on the Bitcoin blockchain.

On November 16, the fees paid on the Bitcoin blockchain reached $11.6 million, a 746% increase compared to a year ago. Despite this, Bitcoin is still holding steady near 18-month highs, surpassing its bear market trading range.

In the midst of this, many are wondering what the implications of the newest crypto, such as RenQ, Muse, Polymath, Robinhood, and QNT, mean for the future of web 3.0. Additionally, Russia has been exploring the possibilities of launching its own cryptocurrency.

There are currently 12 asset management firms anticipating the outcomes of Bitcoin ETF applications. According to Bloomberg analyst James Seyffart, there is a high probability of approvals by January 10, 2024, estimated at 90%. This news has generated a lot of buzz in the crypto world with many speculating on the potential impact of the crypto-related ETFs like renq crypto, muse crypto, on crypto, polymath crypto, russia crypto, robinhood crypto, sand crypto and qnt crypto.