The Galaxy Digital creator believes that adoption of a spot Bitcoin ETF would effectively represent a regulatory and government nod for Bitcoin in the United States.According to Mike Novogratz, the establishment of a spot Bitcoin exchange-traded fund (ETF) would be a "seal of approval" for Bitcoin from the US government and its securities regulator.Galaxy Digital's …
The Galaxy Digital creator believes that adoption of a spot Bitcoin ETF would effectively represent a regulatory and government nod for Bitcoin in the United States.
According to Mike Novogratz, the establishment of a spot Bitcoin exchange-traded fund (ETF) would be a “seal of approval” for Bitcoin from the US government and its securities regulator.
Galaxy Digital’s founder spoke about the many spot Bitcoin ETF filings before the Securities and Exchange Commission (SEC), including one from $10 trillion asset manager BlackRock.
Many people are “nervous” about investing in cryptocurrency, he says, and the establishment of a spot Bitcoin ETF would be a “easy first step” for most people to begin trading in the commodity.
However, Novogratz highlighted that the ETFs had a “giant infrastructure” in place. Along with BlackRock, proposed ETFs from Valkyrie, Invesco, VanEck, WisdomTree, Fidelity, and an ARK Invest/21Shares joint fund are vying for clearance. Many of these, according to Novogratz, will most likely be allowed.
SEC head Gary Gensler has previously stated that “everything other than Bitcoin” is under the ambit of his agency and that other crypto projects “are securities” because there are normally known creators and earnings are expected based on their efforts.
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