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CEO Of ‘Abra’ Stated Reason For ETF Application Rejections By The SEC.

Speaking in an interview with CNBC’s “The Coin Rush,” Bill Barhydt proposed that the SEC has rejected crypto ETF applications as a result of the people that are applying for the ETF applications do not fit according to the SEC mould.

Barhydt aforesaid that to receive approval for a ETF proposal, there ought to be an applicant that resembles, looks, feels and smells just exactly like what SEC expects from them. He additionally said that a trustworthy financial institution has higher probabilities for approval than a startup or a comparatively unknown company.

Barhydt foreseen that the SEC is expected to finally approve an ETF application probably by next year:

“It’s expected to happen within the next year, i’d truly actually bet on it as there’s an excessive amount of demand for it.”

Barhydt’s statements follow some wide advertised rejections of Bitcoin ETF applications. In July, the SEC denied appeals of a Bitcoin exchange-traded fund by the Winklevoss brothers. Later in Aug., the regulators deferred its call on the listing and trading of a bitcoin ETF from VanEck and financial services company SolidX.

Last month, Pantera Capital chief executive officer ‘Dan Morehead’ urged that a BTC ETF would take “quite an extended time,” stating that the crypto adoption was still in its early stages. She further noted that the foremost recent asset that gained approval from the SEC for ETF certification was copper, a metal that “has been on earth for a 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.

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