Kofi Mensah Mike Novogratz, the CEO of Galaxy Digital, has expressed confidence that the U.S. Securities and Exchange Commission (SEC) might give the nod to a spot bitcoin exchange-traded fund (ETF) in the coming four to six months. During Galaxy Digital’s Q2 earnings call on Tuesday, he conveyed this optimistic prediction based on communications with influential contacts at Blackrock, the world’s biggest asset manager, and Invesco, an investment management firm. Both organizations have already applied to the SEC for permission to launch a bitcoin ETF.
Novogratz emphasized the question is not about if the SEC will approve a bitcoin ETF but rather when, with a likely timeline of up to six months. He used the metaphor of “pin the tail on the donkey” to express his estimation that the approval may happen within this timeframe.
In addition, Blackrock’s CEO Larry Fink has previously expressed a desire to democratize crypto, asserting that it will “transcend any one currency.” Novogratz highlighted the significance of Fink’s positive outlook on Bitcoin, considering his previously skeptical stance. This, along with a successful launch of a bitcoin ETF, would simplify the process for large-scale investments in the crypto sector.
Galaxy Digital and Invesco have previously collaborated to provide investors with access to products in the digital asset domain. According to experts, the chances of the SEC approving a spot bitcoin ETF in the U.S. have risen to 65%.
Novogratz also discussed the recent ruling in the SEC vs. Ripple case involving XRP, describing it as a significant matter. He explained that the ruling demonstrates the lack of clarity in the regulations, opposing the SEC’s stance that the rules are clear. He expressed his belief that the decision could drive both major political parties in the U.S. to work together to formulate clear legislation regarding crypto regulations.
The SEC has subsequently informed the judge that it plans to appeal the ruling in the Ripple case and is also seeking to halt the court proceedings.
The statements by Novogratz contribute to ongoing conversations about the future of cryptocurrency regulation and the broader acceptance of digital assets within traditional financial systems.
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Frequently Asked Questions (FAQs) about fokus keyword: SEC approval
What prediction has Mike Novogratz, the CEO of Galaxy Digital, made about the SEC’s approval of a spot bitcoin ETF?
Mike Novogratz has predicted that the U.S. Securities and Exchange Commission (SEC) could approve a spot bitcoin exchange-traded fund (ETF) within the next four to six months. He has cited his contacts at Blackrock and Invesco and believes that the likelihood of approval is more a question of when, not if.
Who are the companies that have applied to launch a bitcoin ETF with the SEC?
Blackrock, the world’s largest asset manager, and Invesco, an investment management firm, have both filed to launch a bitcoin ETF with the SEC.
What is Larry Fink’s view on cryptocurrency, and why is it significant according to Novogratz?
Larry Fink, Blackrock’s CEO, believes in democratizing crypto and that it will “transcend any one currency.” Novogratz highlighted this as a significant change from Fink’s previously skeptical stance towards cryptocurrency, indicating a broader acceptance within the financial sector.
What is the significance of the recent ruling in the SEC vs. Ripple case according to Mike Novogratz?
Novogratz described the ruling as a big deal, emphasizing that it demonstrates the lack of clarity in the current regulations. He believes this decision may push Democrats and Republicans to work together to create clear legislation regarding cryptocurrency regulation.
How likely is the approval of a spot bitcoin ETF in the U.S., according to analysts?
According to Bloomberg analysts specializing in ETFs, the probability of the SEC approving a spot bitcoin ETF in the U.S. has surged to 65%.
What collaboration has occurred between Invesco and Galaxy Digital?
Invesco and Galaxy Digital partnered in September last year to offer investors exposure to a range of products in the digital asset ecosystem.
More about fokus keyword: SEC approval
- Galaxy Digital’s official announcements
- Blackrock’s and Invesco’s filings with the SEC
- SEC’s stance on Bitcoin ETFs
- The ruling in the SEC vs. Ripple case
- Larry Fink’s statements on cryptocurrency
- Bloomberg analysts’ reports on ETFs
5 comments
The Ripple case part was intresting. Good to see someone speaking about clarity in regulations. But can Democrats and Republicans work togther on this? Not so sure…
i’m telling you guys, this is the big deal. Novogratz knows his stuff, and Blackrock and Invesco getting into it? This is big for all of us.
65% chance of approval… Seems a bit high, doesn’t it? Not sure I buy into all this hype about Bitcoin. Maybe in a year or two.
Man, Novogratz really thinks SEC will approve Bitcoin ETF soon! I don’t know 4 to 6 months? seems optimistic.
I’m all in. With names like Blackrock getting into crypto its clear, the future is here. Novogratz is the man with the insights, trust him.