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SEC Will Eventually Approve Bitcoin Spot ETFs, Anthony Pompliano Believes

Mon, 07/03/2023 - 14:28
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Yuri Molchan
Prominent VC investor reckons that recent SEC complaints about Bitcoin ETF filings are just formality
SEC Will Eventually Approve Bitcoin Spot ETFs, Anthony Pompliano Believes
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Venture capitalist, investor and Bitcoin advocate Anthony Pompliano has talked to CNBC's Squawk Box's host Joe Kernen about BTC and shared his take on what is likely to happen to the recent BTC ETF filings after the SEC made a complaint about them being "inadequate."

Overall, Pomp seems optimistic, believing that eventually, the SEC will approve a Bitcoin spot exchange-traded fund.

Pomp's take on SEC and recent spot ETF applications

The host started the conversation by asking for Pomp's take on why the SEC called BlackRock's filing and several others that followed it "inadequate" and asked what exactly inadequate about it, presuming that the SEC probably does not like Bitcoin.

On the other hand, the SEC is currently suing the Binance and Coinbase exchanges for violating U.S. securities laws and, on the other hand, it is turning down filings for a Bitcoin spot ETF.

Anthony Pompliano believes that the regulator just wants more clarity about the filings, as in, who is going to be custodians, who are the surveillance sharing agreements made with, etc. According to Pomp, the SEC just wants full and complete information on this in order to understand it.

Pompliano pointed out that CBOE has already refiled, mentioning that the surveillance-sharing agreement will be made with Coinbase, and the other entities who submitted filings, including BlackRock, are likely to follow suit here. He believes that the spot Bitcoin ETF will eventually be approved, at least for BlackRock, since this is one of the largest and most reputable players in the financial markets. However, whether it will happen a week after the reapplication, or in a month, or in a year, Pomp is not going to try to predict.

However, he believes that all this rush to apply for a Bitcoin spot ETF is shouting that Wall Street wants access to Bitcoin, and as soon as this ETF is approved, institutions will start pouring money into it, as happened when the Bitcoin futures ETF was approved.

These Small BTC Whales Continue to Buy Bitcoin Aggressively: Report

BTC outperforms Nasdaq's record growth in 2023

Pompliano stated that, so far, 2023 has been good for the stock market; in particular, the Nasdaq Composite Index grew 32.7% since the start of the year. This is the fastest growth within the first half a year since 1983.

However, Bitcoin grew 85%, triple what the Nasdaq did. Pomp admitted to Kernen's argument that BTC is still more than 50% below its ATH of $69,000. However, the investor stated that Bitcoin's fundamentals keep growing; the hash rate has been surging to new all-time highs, and so has BTC adoption, and it may all be leading to the price growth that is expected, according to Pomp, after the Bitcoin halving event that will happen next year in April or May.

At press time, the flagship digital currency is changing hands at $30,689, according to the data from CoinMarketCap.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at