William Cai, co-founder of financial investment company Wilshire Phoenix, is the most recent individual to call into question the possibility of a Bitcoin (BTC) exchange-traded fund (ETF) approval in the United States in 2021.
Speaking to Business Insider, Cai said that a Bitcoin ETF in 2021 is not likely as he provided 2022 and 2023 as the earliest possible times for the U.S. Securities and Exchange Commission to greenlight a BTC ETF.
Several Bitcoin ETF hopefuls presently have filings with the SEC, consisting of fund management attire Global X, which sent earlier 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, mentioning, “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 Cointelegraph, the commission turned down Wilshire Phoenix’s Bitcoin ETF filing in February 2020, much to the business’s frustration.
According to Cai, in spite 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 rate adjustment stays a significant issue for the SEC.
Related: Osprey Funds CEO says United States will authorize Bitcoin ETF in 2022 ‘at earliest’
Cai is not the only individual to call into question a Bitcoin ETF happening in 2021. In June, Greg King, CEO of Bitcoin trust company Osprey Funds, significant 2022 as the earliest price quote for an SEC-approved BTC ETF.
At the time, King specified that Bitcoin ETFs were not high up on the list of concerns for the SEC. Cai likewise provided the exact same argument, informing Insider that the commission was concentrated on managing meme stock, ecological, social and governance compliance, and the Robinhood going public.