Bill Barhydt, chief executive of bitcoin (BTC) payment startup Abra, is willing to bet that sometime “in the next year” the Securities and Exchange Commission will finally approve a cryptocurrency exchange-traded fund.
So far the SEC has rejected or delayed ruling on proposed crypto ETFs from, among others, the Winklevoss twins. The regulator is scheduled to rule on the delayed VanEck SolidX Bitcoin Trust ETF by Sept. 30.
“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,” Barhydt told CNBC. He added that an applicant that “looks, feels and smells” right to the SEC, such as a major financial institution, will have a better chance of winning approval than a lesser-known firm.
But, he asserted, “It’s going to happen in the next year. I would actually make a bet on it. There is too much demand for it.” Read more here.