Venture capitalist and Bitcoin advocate Anthony Pompliano recently discussed his views on the Securities and Exchange Commission’s (SEC) stance on Bitcoin spot exchange-traded fund (ETF) filings.

Despite the SEC labeling some filings as “inadequate,” Pompliano remains optimistic that the regulatory body will eventually approve a Bitcoin spot ETF.

In a conversation with CNBC’s Squawk Box, Pompliano highlighted the SEC’s desire for more clarity regarding custodianship and surveillance-sharing agreements.

He also discussed the significance of BlackRock’s reapplication and the growing interest from institutional investors in accessing Bitcoin through ETFs.

According to Pompliano, the SEC’s characterization of the filings as “inadequate” stems from a need for further information.

The regulatory body seeks a comprehensive understanding of the custodians involved and the surveillance-sharing agreements in place.

Pompliano mentioned that CBOE has already refiled, specifying Coinbase as the surveillance-sharing agreement partner.

He believes that other entities, including BlackRock, will likely follow suit. Given BlackRock’s stature in the financial markets, Pompliano anticipates eventual approval for their Bitcoin spot ETF application.

However, he refrains from making predictions regarding the timing of approval, emphasizing the SEC’s need for complete information.

Pompliano highlighted the rush among financial institutions to apply for Bitcoin spot ETFs, indicating Wall Street’s eagerness to gain access to the cryptocurrency.

Once approved, institutional investors are expected to pour money into the ETF, mirroring the influx seen when the Bitcoin futures ETF was approved.

This growing interest from traditional financial players reflects the increasing recognition of Bitcoin as a valuable asset class.

Discussing Bitcoin’s performance in 2023, Pompliano noted that while the Nasdaq Composite Index experienced substantial growth, Bitcoin’s growth outpaced it by three times, surging by 85%.

Despite Bitcoin currently trading below its all-time high, Pompliano emphasized the continuous growth of Bitcoin’s fundamentals, including the increasing hash rate and adoption.

He anticipates further price growth after the upcoming Bitcoin halving event, which is expected to occur in April or May of next year.