Amid recent fake news that rattled the crypto community, the anticipation and excitement surrounding the potential approval of Bitcoin (BTC) spot exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) have not waned. 

Adding to the growing optimism, Galaxy Digital CEO Mike Novogratz has provided further hope for the imminent approval of these funds.

Novogratz Sees Promising Signs For Bitcoin Spot ETFs

During a recent interview with CNBC, Novogratz, the CEO of the crypto asset management company, expressed his belief that the Bitcoin spot ETF will receive regulatory approval from the SEC in 2023. 

He cited the constructive discussions between Bitcoin ETF issuers and the SEC as an indicator of the likelihood of a spot Bitcoin ETF approval shortly. Novogratz emphasized: 

We think a Bitcoin ETF will be approved this year in 2023. All indications of dealing seem to be heading in the right direction. There’s a tremendous amount of pressure to do something that is rational. The American public wants this.

One crucial factor that Novogratz highlighted as a game-changer for the SEC is the recent court ruling for Grayscale. The United States Securities and Exchange Commission decided not to appeal the court’s decision in a case involving the federal securities regulator and Grayscale Investments. 

According to Novogratz, this development has significantly impacted the regulatory landscape and paved the way for potential approval.

Novogratz further revealed that the ongoing dialogue between Galaxy Digital, its partner Invesco for the spot BTC ETF, and the SEC has been encouraging, pointing towards an imminent approval. 

These discussions have provided positive signs that the regulatory authorities are open to embracing the spot Bitcoin ETF framework.

Positive Ripple Effects For Crypto

Regarding the earlier fake reports about spot BTC ETFs, Novogratz emphasized that any positive announcement in this regard will likely positively impact the market. 

Many believe that the potential approval of a spot Bitcoin ETF has significant implications for the Bitcoin market and the broader crypto space.

This week’s events have underscored the tremendous potential and influence that approval could have, not only in the Bitcoin market but also in shaping the future of the cryptocurrency industry as a whole. 

As the dialogue between Bitcoin ETF issuers and the SEC continues to evolve, the crypto community eagerly awaits the SEC’s decision, hoping it will pave the way for increased accessibility and mainstream adoption of Bitcoin investments.

The leading cryptocurrency in the market, BTC, is being traded at $28,100, representing a 0.9% decline within the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com