BitGo founder and CEO Mike Belshe said he expects the US Securities and Exchange Commission (SEC) to once again reject a Bitcoin spot ETF.

“It is necessary to separate custody from exchange…”

Speaking to US media Bloomberg, Belshe said that a certain path has been taken and that these ETF requests will be approved in the future, but he expects another rejection decision:

“First of all, I have to say, we are excited about the ETF. We see interactions between the SEC and companies. As BitGo, we also work with some of these companies. Apparently, a path has been made here. In that sense, I’m positive, but I think it’s highly likely that there will be another round of rejections from the SEC. It has to do with market structure… Gary Gensler has said this many times before. Exchanges need to be separated from custody services. It’s the same situation in the stock market…this is how the CFTC works…however, here we look at Coinbase. I’m certainly not comparing Coinbase to FTX, but that’s the market structure. The market does not want to take this risk. “The SEC could say, ‘You eliminate these risks and come back.’

Belshe also said that BitGo is not a cryptocurrency exchange, so it does not have the risks inherent in companies like Coinbase.

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