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BitGo CEO warns of more setbacks despite Bitcoin ETF approval drawing closer

BitGo CEO warns of more setbacks despite Bitcoin ETF approval drawing closer

– Mike Belshe, CEO of BitGo, believes that a spot Bitcoin ETF is likely to be approved soon.

– He acknowledges that there may be more rejections before a positive decision is made.

– Belshe emphasizes the need to improve the market structure before the SEC grants approval.

– He mentions the separation of crypto exchanges from custodians as a key condition for approval.

– Belshe references Sam Bankman-Fried’s efforts to advocate for regulations and create a multifaceted operation.

– The potential approval of a Bitcoin ETF has led to a surge in fees on the Bitcoin blockchain.

– Bitcoin is currently holding steady near 18-month highs.

– There are 12 asset management firms waiting for outcomes on their Bitcoin ETF applications.

– Bloomberg analyst James Seyffart predicts a 90% chance of approvals by January 10, 2024.

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