SEC May Approve Bitcoin ETF by Year-End, Says Mike Novogratz
According to Galaxy Digital’s CEO, Mike Novogratz, the SEC may be on the verge of approving a spot Bitcoin ETF by the end of this year. This comes after the SEC’s recent decision not to appeal a court ruling involving Grayscale, which suggests a more favorable climate for Bitcoin ETFs.
Changing Tides in the SEC’s Approach
Novogratz quoted a judge’s decision in the legal battle between the SEC and Grayscale, stating that it makes no sense to allow futures ETFs but not cash ETFs. This ruling has put pressure on the SEC to reconsider its stance on Bitcoin ETFs. The CEO also mentioned that major players like BlackRock, Fidelity, and Grayscale are pushing for changes in crypto regulation regarding Bitcoin ETF approval.
A Cautious Path Forward
While Novogratz’s confidence in the approval of a Bitcoin ETF may suggest a shift in regulatory climate, it is important to consider his vested interest in the asset. However, public filings and comments from the SEC indicate an increased positivity towards these financial products. Novogratz believes that if approved, a Bitcoin ETF would receive a favorable market response due to support from major players.
Hot Take: Industry Awaits Major Decision on Bitcoin ETF Approval
The statements made by Mike Novogratz reflect an industry undergoing change, with optimism and caution coexisting as stakeholders eagerly await the SEC’s next steps in crypto regulation. Calls for clarity and more accommodating rules have grown louder, indicating that 2023 could witness a significant decision on Bitcoin ETFs.
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