Cathie Wood from Ark Invest has expressed optimism regarding Bitcoin spot ETF approval. She was joined by Mike Novogratz, CEO of Galaxy Digital in her assessment of the subject. Talking at the Bloomberg interview, she maintained that SEC is likely to approve a Bitcoin spot ETF application sooner than later.
The interview aired recently, where the CEO claimed the federal agency may move to approve multiple Bitcoin spot ETF applications.
On the other hand, Novogratz quoted the research conducted by BlackRock and Invesco on the matter. He addressed the audience during the earnings conference on Tuesday.
Reflecting on the question of Bitcoin spot ETF approvals, he remarked that at least one out of eight unapproved Bitcoin spot ETF applications is going to get a green light from SEC sooner than later. He also claimed that the results are going to become apparent within 4-6 months.
The hands of the clock are ticking at the same pace as ever. However, the last date for the finalization of the verdict regarding the Ark Invest Bitcoin ETF application has drawn near. The Securities and Exchange Commission is bound to conclude the matter in either direction before 13th August.
The only scenario that the decision is delayed is if SEC goes for the 240 days extension. However, the federal agency can delay the matter as far as January 10th next year.
The Chief Investment Officer of Bitwise Management, Matt Hougan has maintained that the security regulator cannot postpone the matter beyond the first month of the next year. Financial giants have been trying to get a spot in ETF approval for Bitcoin for years. However, the race intensified in this arena after the entrance of BlackRock.
At present, many noteworthy firms have applied for a Bitcoin spot ETF application including names like VanEck, WisdomTree, and Bitwise in addition to the aforementioned behemoths.
Commercial Sector Wants SEC to Approve Bitcoin ETFs
Som Seif the CEO of Purpose Investment issued a spot Bitcoin ETF trading in Canada. He opines that the commercial sector in the country is going through due process to gain legal clarity in this matter.
It is important to note that SEC officials have continued to delay or reject Bitcoin spot ETF applications citing concerns regarding market manipulation.
The federal regulator has recently added the condition of adding surveillance sharing agreements (SSAs) on exchanges like NASDAQ and CBOE. Meanwhile, Judge Neomi Rao issued remarks on the matter during a case at the D.C. Court of Appeals in Washington.
She requested SEC officials to issue a clear reason for disapproving spot Bitcoin ETFs when the agency had already greenlit Bitcoin futures ETFs that contain SSAs.
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