A series of rejection and postponement of conclusions by the SEC to the proposed Bitcoin ETFs has raised a sense of pessimism amidst the crypto bulls. The year has so far witnessed a multitude of rejections of Bitcoin ETF applications including that of Winklevoss twins, and many others
The Bitcoin ETFs were filed for with a lot of hope but it seems that they do not yet qualify the minimum quality threshold that the SEC seeks. In the word of Bill Barhydt, the CEO of Abra, it is as if ‘the applications don’t fit the mold of who the SEC is used to approving.’
Crypto execs believed that a Bitcoin ETF might be a true story by the end of this year but according to Barhydt, there’s time for that to happen and it might just turn out to be the next year until the SEC falls to the rising demand and finally gives way to it. Barhydt added that there would be a greater chance of SEC approving the application for Bitcoin ETF if it comes from a reputed financial institution.
Currently on the brink is the application of VanEck SolidX Bitcoin Trust ETF whose denouement is scheduled for the 30th of September and there’s still a chance for it to be the first of its kind.