Bitcoin ETF Approval: Nearing, but Brace for More Setbacks

BitGo CEO, Mike Belshe, believes that the approval of a Bitcoin ETF by the U.S. SEC is imminent, but warns of potential setbacks. Belshe stated that the market structure needs improvement before the SEC grants ultimate approval, and expects more rejections before positive news. He emphasized the need to separate crypto exchanges from custodians, referencing Sam Bankman-Fried's efforts to address regulatory concerns. The excitement surrounding a potential Bitcoin ETF approval has led to a surge in fees on the Bitcoin blockchain. Currently, 12 asset management firms are awaiting outcomes for Bitcoin ETF applications, with a 90% chance of approvals by January 10, 2024.