{"id":195613,"date":"2023-11-17T22:24:36","date_gmt":"2023-11-17T16:54:36","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=195613"},"modified":"2023-11-17T22:24:36","modified_gmt":"2023-11-17T16:54:36","slug":"bitgo-ceo-predicts-tough-road-for-bitcoin-etfs-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitgo-ceo-predicts-tough-road-for-bitcoin-etfs-crypto-news\/","title":{"rendered":"BitGo CEO Predicts Tough Road for Bitcoin ETFs – Crypto News"},"content":{"rendered":"

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Mike Belshe, CEO of BitGo, predicts further challenges for the approval of <\/span>spot Bitcoin ETFs<\/span><\/a> in the United States. His insights, shared during a <\/span>Bloomberg interview<\/span><\/a>, highlight unresolved market structure issues as a significant barrier. Despite some optimism in the crypto market about the eventual approval of these ETFs, Belshe\u2019s outlook suggests a different scenario. The U.S. Securities and Exchange Commission (SEC) continues to closely scrutinize these applications, emphasizing investor protection from market manipulation.<\/span><\/p>\n

Bitcoin ETFs Face Intensified SEC Scrutiny<\/strong><\/h2>\n

The <\/span>collapse of FTX<\/span><\/a> and the subsequent legal troubles of its founder, Sam Bankman-Fried, have cast a long shadow over the crypto industry. Bankman-Fried\u2019s attempt to influence U.S. crypto regulations did not yield the desired results.<\/span><\/p>\n

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Now, with a potential 115-year sentence looming over him for fraud and misappropriation charges, the industry faces increased skepticism. This skepticism extends to companies like Coinbase Custody, used by many as a custodial solution for their ETF applications. Belshe notes parallels between FTX\u2019s strategies and those employed by Coinbase, albeit clarifying that Coinbase is not being likened to FTX\u2019s malpractices.<\/span><\/p>\n

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Significantly, major financial institutions are not immune to this scrutiny. BlackRock and Franklin Templeton, among others, have chosen Coinbase Custody for their cryptocurrency storage. This choice highlights a trend in the industry where the lines between exchanges and custodians are increasingly blurred. The SEC\u2019s concern centers around the potential risks posed by this lack of separation, which might lead to the rejection of multiple ETF applications.<\/span><\/p>\n

SEC Postpones Decision on Hashdex BTC ETF<\/strong><\/h2>\n

The SEC\u2019s unwavering vigilance is evident in its recent actions. For instance, the decision on <\/span>Hashdex\u2019s application<\/span><\/a> for a spot Bitcoin ETF in the U.S. was postponed in mid-November 2023. This move underscores the regulator\u2019s commitment to ensuring robust investor protection measures are in place. Consequently, the industry is left to navigate these regulatory challenges, which show no signs of abating.<\/span><\/p>\n

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Read Also:<\/b> CoinShares Analyst Predicts BTC Hitting $81,000 Amid Bitcoin Spot ETF Speculations<\/span><\/a><\/p>\n

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Mike Belshe, CEO of BitGo, predicts further challenges for the approval of spot Bitcoin ETFs in the United States. His insights, shared during a Bloomberg interview, highlight unresolved market structure issues as a significant barrier. Despite some optimism in the crypto market about the eventual approval of these ETFs, Belshe\u2019s outlook suggests a different scenario. […]<\/p>\n","protected":false},"author":2,"featured_media":192751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-195613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/195613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=195613"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/195613\/revisions"}],"predecessor-version":[{"id":195618,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/195613\/revisions\/195618"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/192751"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=195613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=195613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=195613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}