The approval of a Bitcoin (BTC) exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) has become a hot topic throughout the last few months. As the Commission recently halted the majority of the filed applications, all eyes are turning to the commodity-backed VanEck/SolidX Bitcoin Trust ETF.
Current Applications Don’t Fit SEC’s Mold
The SEC recently rejected a total of nine Bitcoin ETF applications filed by Direxion, GraniteShares, and ProShares. Furthermore, the commission also pushed back the decision on what seems to be the most anticipated proposition for a CBOE-backed Bitcoin ETF by VanEck and SolidX until September 30th.
According to Bill Barhydt, CEO of BTC payment solution company Abra, the reason for those rejections is because the applications fail to meet SEC’s existing expectations. He states:
I think the issue with the SEC, quite frankly, is that the people who are doing the applications don’t fit mold of who the SEC is used to approving.
The former Goldman Sachs employee also noted that it would take an applicant who firmly meets the standards of the SEC for an approval to take place. He also pointed out that an application which is coming from a trusted financial institution is much more likely to pass.
It’s Coming Next Year
The specialist also told CNBC’s Squawk Box Europe that he is willing to bet that a Bitcoin ETF is going to garner the SEC’s approval at some point next year, saying:
It’s going to happen in the next year, I would actually make a bet on it. There is too much demand for it.
Live Bitcoin News recently reported on three potential roadblocks that a Bitcoin ETF application would have to overcome to eventually get the approval of the commission.
Do you think the SEC will approve the VanEck/SolidX Bitcoin ETF proposition on September 30th or are we in for another push-back? Let us know in the comments below.
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