Thursday, October 28, 2021

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William Cai, co-founder of funding agency Wilshire Phoenix, is the newest individual to solid doubts on the potential of 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 provided 2022 and 2023 because the earliest potential occasions for the U.S. Securities and Alternate Fee to greenlight a BTC ETF.

A number of Bitcoin ETF hopefuls presently have filings with the SEC, together with fund management outfit Global X, which submitted earlier in July.

The SEC has to date elected to delay its choice on the pending ETF submission, and Cai expects the fee to disclaim these purposes, stating, “We expect they’re all going to get caught.”

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, much to the company’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 implies there’s been a swap of their pondering,” Cai added.

As a part of the interview, the Wilshire Phoenix co-founder said that worth manipulation stays a serious concern for the SEC.

Associated: Osprey Funds CEO says US will approve Bitcoin ETF in 2022 ‘at earliest’

Cai just isn’t the one individual to solid doubts on a Bitcoin ETF taking place in 2021. In June, Greg King, CEO of Bitcoin trust issuer Osprey Funds, marked 2022 because the earliest estimate for an SEC-approved BTC ETF.

On the time, King said that Bitcoin ETFs weren’t excessive on the listing of priorities for the SEC. Cai additionally provided 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.