Bitcoin ETF “won’t happen in 2021,” says co-founder Wilshire Phoenix

William Cai, co-founder of funding agency Wilshire Phoenix, is the final individual to forged doubts about the opportunity of Bitcoin (BTC) ETF approval in the US in 2021.

Speaking to Business Insider, Cai commented {that a} Bitcoin ETF was unlikely in 2021 as he gave the 2022 and 2023 estimates because the earliest attainable estimates for the Securities and Exchange Commission (SEC) inexperienced mild for a BTC ETF.

Several Bitcoin ETFs are hoping to file with the SEC now, together with fund supervisor Global X, which was filed in early July.

So far, the SEC has determined to postpone its choice on pending ETF filings, and Cai expects the fee to reject these filings, saying, “We believe they are all going to have a hard time.”

Cai has some expertise dealing with Bitcoin ETF purposes by the SEC. As beforehand reported by Cointelegraph, the fee rejected Wilshire Phoenix’s Bitcoin ETF utility in February 2020, to the nice dismay of the corporate.

Cai mentioned the committee’s stance on Bitcoin ETFs stays the identical regardless of the change in the SEC management with Gary Gensler as the brand new chairman. “I don’t see anything that suggests a change in their way of thinking,” added Cai.

During the interview, co-founder Wilshire Phoenix acknowledged that price manipulation continues to be a serious drawback for the SEC.

Related: The CEO of Osprey Funds says the US will probably be “fastest” to approve Bitcoin ETFs in 2022

Cai is not the one one casting doubts a few Bitcoin ETF in 2021. In June, Gray King, CEO of bitcoin belief issuer Osprey Funds, marked 2022 because the earliest for an SEC-approved BTC ETF.

King acknowledged on the time {that a} Bitcoin ETF was not on the SEC’s precedence checklist. Cai made an analogous argument, telling Insider that the fee is targeted on regulating meme shares, compliance with ESG, and Robinhood’s preliminary public providing.