Novogratz Discusses Spot Bitcoin ETF Approval, Says Ripple Ruling Is ‘a Big Deal’
The CEO of Galaxy Digital Holdings, Mike Novogratz, revealed during his company’s Q2 earnings call on Tuesday that the U.S. Securities and Exchange Commission (SEC) could approve a spot bitcoin exchange-traded fund (ETF) within four to six months.
Key Points:
- The SEC could approve a spot bitcoin ETF within four to six months.
- Invesco and Blackrock are likely to have their spot bitcoin ETF filings approved.
- Blackrock CEO believes that crypto will “transcend any one currency.”
- Approval of a bitcoin ETF will make it easier for people to invest in the space.
- The likelihood of the SEC approving a spot bitcoin ETF in the U.S. has increased to 65%.
Novogratz also emphasized the significance of the Ripple ruling, stating that it puts pressure on lawmakers to provide clarity on regulations for the crypto industry. The SEC has filed an appeal to the ruling and seeks a stay of court proceedings.
Hot Take
The potential approval of a spot bitcoin ETF by the SEC could be a game-changer for the crypto industry. It would make it much easier for investors to enter the space and allocate significant funds to cryptocurrencies. Additionally, the Ripple ruling highlights the need for clear regulations in the industry, which could encourage lawmakers to take action. Overall, these developments signal growing acceptance and recognition of cryptocurrencies in the traditional financial world.
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