Bitcoin ETF not happening in 2021, says Wilshire Phoenix co-founder



William Cai, co-founder of funding agency Wilshire Phoenix, is the most recent individual to solid doubts on the potential for a Bitcoin (BTC) exchange-traded fund (ETF) approval in america in 2021.

Talking to Enterprise Insider, Cai remarked {that a} Bitcoin ETF in 2021 is unlikely as he supplied 2022 and 2023 because the earliest potential occasions for the U.S. Securities and Trade Fee to greenlight a BTC ETF.

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

The SEC has to date elected to delay its resolution on the pending ETF submission, and Cai expects the fee to disclaim these purposes, stating, “We predict 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, a lot to the corporate’s disappointment.

In accordance with 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 change of their considering,” Cai added.

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

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

Cai will not be the one individual to solid doubts on a Bitcoin ETF occurring 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 weren’t excessive on the record of priorities for the SEC. Cai additionally supplied the identical argument, telling Insider that the fee was targeted on regulating meme inventory, environmental, social and governance compliance, and the Robinhood preliminary public providing.