More Bitcoin ETF Rejections 'Quite Likely,' BitGo's Belshe Says

More Bitcoin ETF Rejections ‘Quite Likely,’ BitGo’s Belshe Says

BitGo CEO Mike Belshe said it’s “quite likely” the U.S. Securities and Exchange Commission (SEC) will reject a series of spot bitcoin (BTC) exchange-traded fund (ETF) applications despite industry-wide optimism.

Speaking in a Bloomberg interview, Belshe said the SEC might reject current applications on the basis that exchanges and custody are not separated. Coinbase (COIN) has been selected by several applicants as a custody partner for a potential ETF.

“There are a lot of risks in that entity Coinbase that are not understood,” Belshe said. “I think that the SEC could quite likely come back and say: ‘Nope, you’ve got to separate out those things fully before we

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