BitGo CEO Mike Belshe expressed on Friday a cautious outlook for Bitcoin (CRYPTO: BTC) ETF approvals, anticipating further rejections.

In an interview with Bloomberg, Belshe highlighted the evolving regulatory landscape, particularly the concerns of SEC Chair Gary Gensler regarding market structure.

Belshe referenced the collapse of crypto-exchange FTX (CRYPTO: FTT) as a pivotal event that influenced institutional trepidation in the cryptocurrency space.

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Belshe noted that while optimism for ETFs is growing, there's likely to be another round of rejections due to unresolved risks, especially in entities such as Coinbase, which operates as both an exchange and custodian.

He stressed the need for clear separation in these roles to meet regulatory standards.

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