Political Pressure Hindering Approval of Spot Bitcoin ETF, Says BitGo CEO
The CEO of BitGo, Mike Belshe, believes that politics is the main reason why a spot Bitcoin exchange-traded fund (ETF) has not been approved by the U.S. Securities and Exchange Commission (SEC). In an interview on Kitco News, Belshe argues that political influence, rather than the existing laws and regulations, is preventing the approval.
He points out that after President Biden was elected, Senator Elizabeth Warren publicly expressed her intention to “unwind all that crypto stuff” and urged Biden to do the same. Warren’s involvement with both the SEC and the Biden administration suggests that political pressure is at play in the decision-making process.
Clarity and Stability in Regulation are Essential for America’s Economic Competitiveness
Belshe emphasizes the need for clear and understandable rules in order to maintain America’s economic competitiveness and the global reserve status of the US dollar. He argues that legislation should establish regulations with transparent rules that are easy for everyone to comprehend. Regardless of a new administration taking office, rules should not change without altering the text.
Belshe believes that Democrats and Republicans should unite behind this concept as it is a simple yet crucial aspect of effective regulation.
Hot Take: Political Interference Hinders Progress
The lack of approval for a spot Bitcoin ETF in the US can be attributed to political pressure rather than any shortcomings in existing laws or regulations. This insight from BitGo CEO Mike Belshe highlights how influential individuals within Washington can shape decisions regarding cryptocurrency. To ensure America’s economic competitiveness and the stability of its currency, it is vital to establish clear and predictable regulations. By maintaining consistent rules regardless of changes in administration, policymakers can foster an environment conducive to innovation and investment in the crypto industry.
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