A growing number of asset management companies are joining the race for the approval of a Bitcoin spot exchange-traded fund in the United States while the Securities and Exchange Commission keeps delaying its decision on existing applications.
The cryptocurrency community recently hailed Grayscale’s legal triumph over the Securities and Exchange Commission (SEC), where the court critiqued the regulator’s decision to reject Grayscale’s proposal to convert its Bitcoin fund into a spot exchange-traded fund (ETF) as “arbitrary” and “capricious.”
Steven McClurg, chief investment officer and co-founder of Valkyrie, an asset management firm with a pending spot Bitcoin ETF application, said he is optimistic about the future.
Speaking with Forkast Editor-in-Chief Angie Lau in a Word on the Block interview, McClurg suggested that approval for Bitcoin spot ETFs in the U.S. might be imminent, potentially by the second quarter of 2024.
Additionally, he addressed the SEC’s reservations, including custody and surveillance issues, stating that they have now been resolved.
Emphasizing the methodical approach of SEC Chair Gary Gensler, McClurg said acknowledged the challenges in differentiating between good and bad actors in the crypto space. Despite some hiccups, he is confident in the U.S. House of Representatives’ proactive approach towards crafting favorable crypto regulation.
