- Mike Belshe shares his perspective on why the U.S. Securities and Exchange Commission (SEC) has not yet approved a spot-based Bitcoin (BTC) exchange-traded fund (ETF).
- In a recent interview, Belshe explains that the lack of a spot-based Bitcoin ETF in the United States is largely due to politics.
- According to Belshe, “predictable and understandable” rules are needed for the United States to maintain its economic competitiveness and the status of the U.S. dollar as the global reserve currency.
BitGo’s CEO Mike Belshe has explained why the U.S. Securities and Exchange Commission (SEC) has not yet approved spot Bitcoin ETFs!
Why Haven’t Spot Bitcoin ETFs Been Approved in the US?
Mike Belshe, the CEO of crypto company BitGo, shares his perspective on why the U.S. Securities and Exchange Commission (SEC) has not yet approved a spot-based Bitcoin (BTC) exchange-traded fund (ETF).
In a recent interview, Belshe suggests that the reason for the absence of a spot-based Bitcoin ETF in the United States is largely political:
“It’s political. It’s not really a legal issue. So that’s why it’s very hard to predict whether the ETF will get approved or not… This means that there’s political pressure unrelated to written or regulatory matters. And instead, it’s about influence within Washington.
So remember, as soon as Biden got elected, remember Senator Warren came out and very explicitly said, ‘We’re going to roll back these crypto things,’ and encouraged Biden to do it. She’s at the center of this, the SEC, and a lot of what’s going on in the Biden administration. It’s political influence. The laws didn’t change, but the rules changed.”
“Predictable and understandable” rules are needed
According to Belshe, for America to try to determine the laws that make up regulation, regulation should have clear rules that everyone can understand.
“And just because a new administration comes in doesn’t change the rules without changing the text. That’s where we need to be. I think Democrats, Republicans, they should all be behind this. It’s a pretty simple concept.”
