Prominent American businessman Mogalia is hoping that the SEC approves a spot Bitcoin ETF.
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.
"I hope there will be a #bitcoin spot ETF. It's better for the institutional and individual investor," says Joe Moglia. "Whether you're crazy about it or not, it's probably going to be a significant part of our future." pic.twitter.com/ABQFXYmmSp
— Squawk Box (@SquawkCNBC) August 29, 2023
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.
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.