BitGo CEO Mike Belshe said that despite the positive outlook for spot Bitcoin exchange-traded fund (ETF) approval, there are still obstacles ahead. He said that talks between the US Securities and Exchange Commission (SEC) and the companies could yield a positive result. However, he said that challenges such as the SEC’s emphasis on the need for cryptocurrency exchanges to be separated from custodial services need to be overcome. Currently, 12 asset management companies are awaiting decisions on their Bitcoin ETF applications. Bloomberg analyst James Seyffart predicts that these applications will be approved by January 10, 2024 with a 90% probability.