SEC Will Eventually Approve Bitcoin Spot ETFs, Anthony Pompliano Believes

Venture capitalist, investor and Bitcoin advocate Anthony Pompliano has talked to the 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 as being “inadequate”.

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

Bitcoin is up 85% to start the year, hash rate is hitting all-time highs, and the network is executing exactly as designed.

Ignore the headlines. Do the work to understand what is happening.

Always enjoy talking with @JoeSquawk and @MelissaLeeCNBC.

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— Pomp 🌪 (@APompliano) July 3, 2023

Pomp’s take on SEC and recent spot ETF applications

The host started the conversation by asking Pomp’s take about why the SEC called BlackRock’s filing and the several others that followed “inadequate” and asked what was exactly inadequate about it, presuming that the SEC just probably does not like Bitcoin.

On the other hand, the SEC is currently suing the Binance and Coinbase exchanges for violating the US security 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 that they can 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 in a week after the re-application, in a month, or in a year, Pomp does not 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 it happened when Bitcoin futures ETF was approved.

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 than Nasdaw did. Pomp admitted the argument of Kernen that BTC is still more than 50% below the 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 been BTC adoption and it all may be leading to the price growth that is expected, according to Pomp, after the Bitcoin halving event that is to 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.