Mike Novogratz Signals Bitcoin ETF Approval Could Be on SEC's 2023 Agenda
Today, Galaxy Digital's CEO Mike Novogratz shared insights on SquawkBox that signal a potential change in the SEC's stance on Bitcoin ETF approval. According to Novogratz, the SEC is showing signs of potentially approving a spot Bitcoin ETF by the year-end.
Novogratz's comments came in the wake of the SEC's recent decision not to appeal a court ruling involving Grayscale, a move that could be indicative of a more favorable climate for Bitcoin ETFs.
"You have a futures ETF, and you're saying you can't have a cash ETF. That makes, intellectually, zero sense," said Novogratz, quoting a judge's decision in a legal battle between the SEC and Grayscale.
He believes that this ruling has put the SEC in a tricky position, forcing it to reconsider its approach toward Bitcoin ETFs. As per the CEO, the SEC chairman Gary Gensler is under pressure to act rationally in line with public demand.
In the interview, Novogratz pointed out that the world's largest asset manager BlackRock is among those pushing for a change in crypto regulation concerning Bitcoin ETF approval.
The push isn't isolated to BlackRock; other major industry players like Fidelity and Grayscale are also looking to make their mark in the Bitcoin ETF race. The coordinated interests of these financial giants hint at an industry-wide anticipation for a more accommodating regulatory framework from the SEC.
While Novogratz's confidence in the impending approval may suggest a shift in regulatory climate, it's essential to acknowledge the context. Some argue that his vested interest in Bitcoin ETF approval and the asset's broader acceptance could color his views.
Yet, public filings and comments on the Bitcoin ETF process have shown increased positivity, indicating a fundamental
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