BitGo CEO: SEC Won’t Approve Bitcoin ETFs Unless Exchanges and Custody Are Separate
The SEC is unlikely to greenlight any spot bitcoin (BTC) ETF applications anytime soon, according to BitGo’s Mike Belshe. He thinks the SEC will require exchanges and custody providers to be independent, which is not the case for some applicants who have partnered with Coinbase (COIN) as their custodian.
Belshe claims that Coinbase has “a lot of risks” that the SEC does not comprehend. He advises the industry to work on building a more solid infrastructure for bitcoin before pursuing ETFs.
BitGo is a company that provides secure and scalable solutions for the digital asset economy. BitGo offers regulated custody, financial services, and core infrastructure for investors and builders of cryptocurrencies and blockchain platforms. BitGo was founded in 2013 by Mike Belshe and Ben Davenport, who are internet pioneers and experts in cryptography.
BitGo invented the multi-signature wallet, which is the industry standard for security, and also developed the TSS technology, which improves upon other MPC offerings. BitGo supports over 600 tokens across various blockchains, and processes about 20% of all global Bitcoin transactions by value. BitGo also enables its clients to trade, borrow, lend, stake, and access DeFi and NFTs. BitGo is the leader in digital asset security, custody, and liquidity, serving more than 1,500 institutional clients in over 50 countries.