Speaking in an interview with CNBC’s “The Coin Rush,” Bill Barhydtproposedthat the SEC has rejected crypto ETF applicationsas a result ofthe peoplethat are applying for the ETF applicationsdo notfit according tothe SEC mould.
Barhydtaforesaidthat to receive approval foraETF proposal, thereought tobean applicant that resembles, looks, feels and smells just exactly like what SEC expects from them. Headditionallysaid that atrustworthyfinancial institutionhashigherprobabilitiesforapproval than a startup ora comparativelyunknown company.
Barhydtforeseenthat the SECis expected tofinally approve an ETF application probably by next year:
“It’sexpected tohappenwithin thenext year,i’dtrulyactuallybet onit asthere’san excessive amount ofdemand for it.”
Barhydt’s statements follow somewideadvertisedrejections of Bitcoin ETF applications. In July, the SEC deniedappealsof a Bitcoin exchange-traded fund by the Winklevoss brothers. Later in Aug., the regulatorsdeferreditscallon the listing andtradingof a bitcoin ETF from VanEck and financial services company SolidX.
Last month, Pantera Capitalchief executive officer‘Dan Morehead’urgedthat a BTC ETF would take “quitean extendedtime,”statingthat the crypto adoption was still in its early stages. She further noted thatthe foremost recentassetthat gained approval from the SEC for ETF certification was copper, a metal that “has been on earth fora very long time.”
Rathe than this, the major cryptocurrency ‘Bitcoin’ is trading at a price of around $7,365.5 USD which is 0.97% higher than yesterday.