📰 Yello Paradisers!
Mike Belshe, the CEO of crypto exchange BitGo, has voiced his concerns regarding the delay in the approval of a spot-based Bitcoin ETF in the U.S. In a candid chat with Kitco News, Belshe attributed the hold-up to political influences rather than legal roadblocks.
📰 Political Landscape
Belshe highlighted the significant shift in the political climate post-President Biden’s election. He mentioned Senator Elizabeth Warren’s public stance against crypto advancements and her push for the Biden administration to roll back crypto-friendly measures. Belshe believes that Senator Warren’s influence has swayed the SEC’s decisions and the overall crypto policies of the Biden administration.
📰 Call for Clear Regulations
For the U.S. to maintain its economic edge and the dollar’s supremacy, Belshe emphasized the need for “predictable and understandable” crypto regulations. He advocates for stability in the regulatory framework and believes that any rule changes should be backed by legislative amendments.
📰 BitGo & Swan’s Joint Venture
BitGo and Swan Bitcoin have announced their collaboration to launch the U.S.’s first Bitcoin-only trust company, pending regulatory green light. The partnership aims to combine BitGo’s prowess in Bitcoin cold storage and regulatory compliance with Swan’s expertise in customer onboarding and fraud prevention. Belshe shared that the venture’s primary goal is to separate exchange and custody functions, a tried-and-tested model in the U.S. financial sector.
📰 Swan’s Vision
Swan’s CEO, Cory Klippsten, envisions a Bitcoin-centric ecosystem that capitalizes on Bitcoin’s unique attributes. The company is keen on innovating custodial services, distinct from industry speculators.
📰 Company Milestones
Despite the Bitcoin bear market, both BitGo and Swan have showcased remarkable resilience. BitGo recently secured a whopping $100 million in funding, pushing its valuation to $1.75 billion. Swan, meanwhile, is on an upward trajectory, expecting a 50% revenue surge by the end of 2023. The company also acquired Specter Solutions last year and is gearing up to unveil Swan Vault, a retail-centric multisig custody solution, next month.
Stay informed and crypto-savvy, Paradisers! 🌴📰
