The United States SEC might not authorize a Bitcoin exchange-traded fund till 2023, according to a previous BTC ETF expectant.
William Cai, the co-founder of financial investment company Wilshire Phoenix, is the most recent individual to call into question the possibility of a Bitcoin (BTC) ETF approval in the United States in 2021.
Speaking to Business Insider, Cai mentioned that a Bitcoin ETF in 2021 is not likely as he used 2022 and 2023 as the earliest possible quote for the Securities and Exchange Commission (SEC) to greenlight a BTC ETF.
Several Bitcoin ETF hopefuls presently have filings with the SEC, consisting of fund management clothing Global X sent previously in July.
The SEC has actually so far chosen to postpone its choice on the pending ETF submission, and Cai anticipates the Commission to reject these applications, specifying: “We think they are all going to get stuck.”
Cai has some experience with the SEC’s handling of Bitcoin ETF applications. As formerly reported by CryptoPumpNews, the Commission declined Wilshire Phoenix’s Bitcoin ETF filing in February 2020, much to the business’s frustration.
According to Cai, regardless of the altering of the guard at the SEC’s management with Gary Gensler as the brand-new chairman, the Commission’s position on Bitcoin ETFs stays the exact same. “I’ve seen nothing that suggests there’s been a switch in their thinking,” Cai included.
As part of the interview, the Wilshire Phoenix co-founder specified that cost adjustment stays a significant issue for the SEC.
Related: Osprey Funds CEO states United States will authorize Bitcoin ETF in 2022 ‘at earliest’
Cai is not the only individual to call into question a Bitcoin ETF taking place in 2021. In June, Grey King, CEO of Bitcoin trust company Osprey Funds, significant 2022 as the earliest quote for an SEC-approved BTC ETF.
At the time, King specified that Bitcoin ETFs were low on the list of concerns for the SEC. Cai likewise used the exact same argument, informing Insider that the Commission was concentrated on managing meme stock, ESG compliance, and the Robinhood IPO.
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