Mike Novogratz, founder of crypto investment firm Galaxy Digital, believes that the approval of a spot Bitcoin ETF by the SEC would be a "seal of approval" for Bitcoin from the US government. He also sees the multiple ETF filings, including one from BlackRock, as a signal that adoption is coming.

Novogratz thinks that the approval of a spot Bitcoin ETF would be an "easy first step" for many investors to start investing in the asset. He predicts that many of the proposed ETFs will likely be approved, which would give access to people who didn't have access before.

However, he believes that a change in heart at the SEC or a change of administration may be needed to see real progress in crypto regulation in the US.