Bitcoin ETF Will Have ‘Seal of Approval’ From SEC: Mike Novogratz

Mike Novogratz says that the approval of a spot bitcoin (BTC) exchange-traded fund (ETF) would be the equivalent of a “seal of approval” for bitcoin from the United States government and its securities regulator.

on july 12 Interview The founder of crypto investment firm Galaxy Digital spoke with Bloomberg TV about multiple spot bitcoin ETF filings before the Securities and Exchange Commission (SEC), including an application from $10 trillion asset manager BlackRock.

“I think BlackRock, Invesco (and) the consortium of ETF providers is a real sign that the time for adoption is coming,” Novogratz said.

He added that many people are “terrified” about investing in crypto and that the approval of the Spot Bitcoin ETF would be an “easy first step” for most people to start investing in the asset.

“I think if it happens, it has the seal of approval of the SEC and the US government.”

Novogratz pointed out that a “huge infrastructure” exists for ETFs. Along with BlackRock, the proposed ETF of Valkyrie, Invesco, VanEck, WisdomTree, Fidelity and a joint fund of ARK Invest and 21Shares is also up for approval. Novogratz believes that many of these are likely to be approved eventually.

“The SEC isn’t going to sanction anybody, so you’re going to be giving these huge sales forces access to people who didn’t have access before.”

SEC Chairman Gary Gensler has previously claimed that “everything but bitcoin” falls under his agency’s purview and that other crypto projects “are securities” because they usually have known developers and project profits based on their work. is applied.

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Novogratz was evasive when asked whether Galaxy and Invesco’s spot bitcoin ETFs could be listed before the end of the year.

“The SEC has been really stubborn and really tough on crypto,” he said.

“Nobody important has gone through the listing process. We are in that process and it has been a long and frustrating road. I’ll leave it there,” he said.

“I think we will probably need a change of heart in the SEC or a change in administration to see real progress in crypto regulation in the US”

Novogratz predicted that the price of bitcoin would end the year at higher levels. “If you remove the top, we will get a good performance,” he said.

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