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Spot Ethereum ETF approval ‘may be better for Bitcoin’ — Michael Saylor

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Bitcoin ETF approval nearing, but brace for more setbacks: BitGo CEO

November 19, 2023 Coin Telegraph

In a recent interview with Bloomberg, Mike Belshe, CEO of crypto exchange BitGo, stated that the market structure needs to improve before the U.S. SEC will grant approval for Bitcoin ETFs.

Mike Belshe, CEO of cryptocurrency exchange BitGo, has suggested that all indications are leaning towards a favorable outcome for a spot Bitcoin (BTC) exchange-traded fund (ETF). However, he emphasized that the journey ahead won't be without challenges.

In an interview with Bloomberg on November 16, Belshe explained that based on the discussions taking place between firms seeking Bitcoin ETF approval and the United States Securities and Exchange Commission (SEC), he holds an optimistic view that approval is imminent.

However, he pointed out that improving the market structure is a must before the SEC grants ultimate approval for a Bitcoin ETF:

“I think it is quite likely we have another round of ETF rejections before we get the positive news.”

Belshe reiterated the SEC's stance on separating crypto exchanges from custodians, emphasizing that this condition must be addressed before approvals are granted.

Furthermore, he referenced Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX, claiming that he was trying to make FTX a multifaceted operation:

“15 months ago we had Sam Bankman-Fried marching all over Washington D.C. advocating his seven key points of regulations. He basically said, let me take on all these functions, it is going to be great, it is going to be efficient."

This follows reports indicating that the excitement surrounding the potential approval of a spot Bitcoin ETF led to a significant surge in fees on the Bitcoin blockchain in recent times.

On November 16, the fees paid on the Bitcoin blockchain soared to $11.6 million, marking a 746% increase in the average transaction fee compared to a year ago.

According to Cointelegraph's market analysis, Bitcoin is holding steady near 18-month highs, surpassing its bear market trading range.

There are currently 12 asset management firms waiting to hear outcomes for Bitcoin ETF applications. According to Bloomberg analyst James Seyffart, there's a 90% chance of approvals by January 10, 2024.

Magazine: Bitcoin ETF optimist and Worldcoin skeptic Gracy Chen: Hall of Flame

SEC could be waiting ‘years’ to file appeal in Ripple case: Brad Garlinghouse

July 16, 2023 Coin Telegraph

Brad Garlinghouse

According to Ripple CEO Brad Garlinghouse, the filing of an appeal by the U.S. Securities and Exchange Commission would “only further” solidify Judge Torres decision that XRP is not a security.

Ripple CEO Brad Garlinghouse believes the United States Securities and Exchange Commission (SEC) will face a prolonged process before having the chance to appeal Judge’s Torres favorable ruling in the case against Ripple.

On July 13, Judge Torres ruled partially in favor of Ripple Labs in a case brought forth by the Securities and Exchange Commission in 2020, ruling that the XRP (XRP) token is not a security regarding retail sales on digital asset exchanges.

However, Torres ruled that XRP is a security when sold to institutional investors, as it met the conditions set in the Howey Test.

In an interview with Bloomberg on July 15, Garlinghouse dismissed the institutional sales decision as "the smallest piece" of the lawsuit, and believes if the SEC were to file an appeal against the retail sales ruling, it would “only further” solidify the decision that Judge Torres made.

Garlinghouse believes that it could be a while before the SEC can file an appeal.

“As a matter of law, the law of the land right now is that XRP is not a security. Until there is an opportunity for the SEC to file an appeal, which would take years, frankly we are very optimistic.”

Garlinghouse emphasized that this is the first time the SEC has lost a "crypto case." He called out the SEC for being "a bully” and going after “weak players” in the crypto industry who weren’t able to “mount a proper defense.”

He also noted that when the case against Ripple was first filed, a lot of the crypto exchanges in the U.S. had the attitude of waiting to “see what happens,” due to uncertainty.

This is because the SEC “sowed confusion" in the market, according to Garlinghouse.

“They knew there was confusion, and they actually did things that they knew would increase confusion” he stated.

We said in Dec 2020 that we were on the right side of the law, and will be on the right side of history. Thankful to everyone who helped us get to today’s decision – one that is for all crypto innovation in the US. More to come.
— Brad Garlinghouse (@bgarlinghouse) July 13, 2023

Garlinghouse explained that this “confusion” actually masquerades as “power” to the SEC, but has prevented innovation from happening in the U.S.

“The SEC has been trying to put power and politics over what is really just sound policy and providing clear rules of the road” he stated, adding that it has put made it difficult for U.S. entrepreneurs and investors to participate in the crypto market and blockchain technologies.

Magazine: XRP is not a security, Celsius CEO arrested on criminal charges, and more: Hodler’s Digest, July 9-15

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