William Cai, co-founder of funding agency Wilshire Phoenix, is the newest individual to forged doubts on the potential for a Bitcoin (BTC) exchange-traded fund (ETF) approval in the US in 2021.
Chatting with Enterprise Insider, Cai remarked {that a} Bitcoin ETF in 2021 is unlikely as he supplied 2022 and 2023 because the earliest doable occasions for the U.S. Securities and Trade Fee to greenlight a BTC ETF.
A number of Bitcoin ETF hopefuls at the moment have filings with the SEC, together with fund administration outfit International X, which submitted earlier in July.
The SEC has to this point elected to delay its determination on the pending ETF submission, and Cai expects the fee to disclaim these purposes, stating, “We think they are all going to get stuck.”
Cai has some expertise with the SEC’s dealing with of Bitcoin ETF purposes. As beforehand reported by Cointelegraph, the fee rejected Wilshire Phoenix’s Bitcoin ETF submitting in February 2020, a lot to the corporate’s disappointment.
Based on Cai, regardless of the altering of the guard on the SEC’s management with Gary Gensler as the brand new chairman, the fee’s stance on Bitcoin ETFs stays the identical. “I’ve seen nothing that suggests there’s been a switch in their thinking,” Cai added.
As a part of the interview, the Wilshire Phoenix co-founder said that worth manipulation stays a significant concern for the SEC.
Associated: Osprey Funds CEO says US will approve Bitcoin ETF in 2022 ‘at earliest’
Cai is not the one individual to forged doubts on a Bitcoin ETF happening in 2021. In June, Greg King, CEO of Bitcoin belief issuer Osprey Funds, marked 2022 because the earliest estimate for an SEC-approved BTC ETF.
On the time, King said that Bitcoin ETFs had been not excessive on the record of priorities for the SEC. Cai additionally supplied the identical argument, telling Insider that the fee was centered on regulating meme inventory, environmental, social and governance compliance, and the Robinhood preliminary public providing.
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