Valkyrie Founder Predicts Bitcoin ETF Approval This Wednesday

• Spot Bitcoin ETF Anticipated to Receive Approval on Wednesday, Says Valkyrie Co-Founder
• The Investment Product and Preceding Process
• Spot Bitcoin ETF Approval Forecast, Trading Predicted to Start Thursday
• SEC Approval and Trading Projections
• Understanding the Approval Process
• SEC Chairman Gary Gensler's Role in the Bitcoin Space
• Spot Bitcoin ETF Applications Awaiting Approval

Spot Bitcoin ETF Anticipated to Receive Approval on Wednesday, Says Valkyrie Co-Founder

Steven McClurg, co-founder of Valkyrie, has stated in a conversation with Fortune that he expects the Spot Bitcoin$42,260 -0.64% ETF proposal of the company to be sanctioned on Wednesday. He also anticipates that trading will commence as early as Thursday morning.

The Investment Product and Preceding Process

McClurg elaborated on the investment product and the process that has led up to the anticipated approval. He also spoke at length about Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC). Offering a different viewpoint on the often-criticized chairman, McClurg posited that Gensler's tenure has been beneficial for Bitcoin.

Spot Bitcoin ETF Approval Forecast, Trading Predicted to Start Thursday

The speculation surrounding a Spot Bitcoin ETF in the United States has reached a fever pitch in recent months. Industry-wide expectations suggest that these approvals will be issued sometime in the following week. Many prospective issuers have been forthcoming with their predictions, aligning with this sentiment.

SEC Approval and Trading Projections

In his discussion with Fortune, Valkyrie's co-founder McClurg predicted that the SEC will sanction its Spot Bitcoin ETF on Wednesday. He also projected that trading of the asset management company's fund could kick off as soon as Thursday. It is widely believed that numerous other Spot Bitcoin ETF applicants are prepared with a similar timeline in mind.

Understanding the Approval Process

In his talk with Leo Schwartz, McClurg shed light on the procedure that the firm has undertaken to secure approval. Notably, he mentioned that he has not been informed of any commission vote pertaining to the ETF applications. He also discussed the role of cash in investment products, stating that its inclusion allows for a greater number of market participants.

SEC Chairman Gary Gensler's Role in the Bitcoin Space

Finally, McClurg shared his thoughts on SEC Chairman Gary Gensler, stating that he has been a positive influence on Bitcoin. Gensler has frequently been the target of criticism from the digital asset sector, primarily due to his aggressive, enforcement-first approach to regulation. While McClurg sees Gensler as a boon for Bitcoin, his impact on the broader digital asset market has been less positive.

Spot Bitcoin ETF Applications Awaiting Approval

Nevertheless, Gensler is expected to greenlight more than a dozen Spot Bitcoin ETF applications currently under review by the agency. Even if driven by court mandates, the introduction of the United States' first Spot Bitcoin ETFs is set to be a significant milestone for the industry as a whole.

Edited by Jonathan Stoker