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The CEO of crypto venture capital firm Fatfish Internet Group says he sees a shift in the SEC’s stance on Bitcoin on the horizon.

Kin-Wai Lau told CNBC institutional investors are already getting into the market and are a main factor in Bitcoin’s recent rise above $8,000.

“I think we are experiencing typically what people will think of as a second wave rally for Bitcoin and cryptocurrencies. It’s a very strong wave. It’s driven by institutional demand. It’s driven by adoption. Lots of interest this time around — trading volume is several times higher than during the lows. It’s just generally, I think, very positive for early adopters and people who have interest in the sector…

I think we’re probably just a couple of months away from being ready for the market to generally accept an ETF.”

Last week, the Winklevoss-brothers’ second Bitcoin ETF proposal was rejected by the US Securities and Exchange Commission, which cited a lack of investor protection and resistance to manipulation.

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The rejection triggered a formal dissent from SEC Commissioner Hester Peirce, who said the ruling sends a strong message that innovation is unwelcome in US markets.

Fatfish Internet Group invests in cryptocurrency ventures across Europe and Asia, and currently owns a 51% stake in Singapore startup APAC Mining.