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NewsCo-founder of investment firm Wilshire Phoenix, William Cai does not see the BTC ETF happening in 2021. He expects that the SEC will give a green signal to the BTC ETF by 2022-23.
The former Bitcoin ETF expectant and the co-founder of investment firm Wilshire Phoenix, William Cai, does not see the BTC ETF happening in 2021. He feels that the approval of the BTC ETF by the United States Securities and Exchange Commission (SEC) is likely to be delayed until 2022 or 2023.
Cai doubts the possibility of getting the green signal from the SEC. While talking to a publication house, he shared his views and said that the earliest possible time for the SEC to give the go-ahead to the BTC ETF could be 2022 or 2023.
Many bitcoin ETF applications are lying before the desk of the SEC and several applicants were hopeful of getting a go-ahead this year. The fund management firm Global X which had submitted the BTC ETF application earlier in July was also hopeful of getting a BTC ETF this year.
Delaying the decision
The SEC has now delayed its decision on the pending ETF applications and Cai expects the commission to deny these applications, stating that they are going to get stuck. Cai has been an experienced man as far as the SEC’s handling of BTC ETF is concerned. Earlier the commission had rejected Wilshire Phoenix ‘application for BTC ETF filing in February 2020. It was much to the company’s disappointment.
Despite the Chairman of the SEC having been changed and Gary Gensler taking the seat of the chairman, Cai believes that the commission’s take on the BTC ETF remains the same. He said he did not see a mere change in the thinking of the SEC Chairman.
Concerning BTC ETF confirmation
The reason for not considering giving the go-ahead to the BTC ETF by the SEC is price manipulation as the major concern. Cai alone is not the only person to bring doubts on the BTC ETF happening in 2021. Greg King, CEO of Bitcoin Trust issuer Osprey Funds, marked 2022 as the earliest estimate for SEC approval of the BTC ETF.
King said that the BTC ETF was not high on the list of priorities for the SEC. Cai was also of the same opinion, saying that the commission was focused on regulating meme stocks, environmental, social and governance compliance and the Robinhood initial public offering.
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