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HomeCrypto NewsMarketEx Ameritrade CEO Hopes SEC Approves a Spot Bitcoin ETF, Says It's Better for Investors 

Ex Ameritrade CEO Hopes SEC Approves a Spot Bitcoin ETF, Says It’s Better for Investors 


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Prominent American businessman Mogalia is hoping that the SEC approves a spot Bitcoin ETF.

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Joe Moglia, former chairman and CEO of TD Ameritrade, said he hopes the United States Securities and Exchange Commission (SEC) approves a spot Bitcoin exchange-traded fund (ETF).

The renowned American businessman made this known today during a CNBC Squawk Box interview. According to Mogalia, getting a spot Bitcoin ETF approved in the US would be a better play for institutional and retail investors.

“I hope there will be a Bitcoin spot ETF. It’s better for the institutional and individual investors as they will get the real NAV [Net Asset Value] of Bitcoin at that particular moment in time,” said Mogalia.

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Quests to Launch a Spot Bitcoin ETF 

There has been a lot of fuss surrounding Bitcoin spot ETFs in the United States. Notably, the SEC has denied several attempts to launch a spot Bitcoin ETF in the country due to fears that the asset class could be vulnerable to manipulation.

Grayscale has made several attempts to launch a Bitcoin spot ETF, with its last application rejected mid-last year. To force the SEC to approve its request, the company sued the SEC for wrongly rejecting its application for a spot Bitcoin ETF.

The case is in the US District of Columbia Court of Appeals and a ruling is expected anytime soon. Notably, many crypto enthusiasts believe the only way to get a spot Bitcoin ETF approved in the US could be through the courts.

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However, BlackRock’s application to launch the product in June 2023 created a lot of possibilities. Encouraged by BlackRock’s high regulatory approval rate, several top asset managers, including Fidelity and Wisdom Tree, also applied to launch spot Bitcoin ETFs.

Crypto Will Be A Significant Part of the Future

Commenting on the growing interests in crypto among top asset managers, Mogalia said the emerging assets will be a major part of the future.

“You know in terms of BlackRock and Fidelity getting involved with crypto, whether you’re crazy about it or not, it’s probably going to be a significant part of our future,” he said.

In addition, the top businessman urged brokerage firms to get involved with crypto due to its future potential.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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