Barhydt: ‘SEC will approve Bitcoin-ETF next year’

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Barhydt argued that the Commission will actually launch the first cryptocurrency fund in the next year. 

In the interview for the CNBC, Abra’s head Bill Barhydt defined the reasons why the U.S. SEC has not approved Bitcoin-ETF yet. He claims that the fund originators “do not meet expectations” of the agency.

“I think that the problem with the SEC is that the fund originators do not create the image that the Commission is used to see. I worked at Goldman Sachs earlier, but you are unlikely to get that judging by my clothes. So I would not come to the meeting with the SEC wearing the same clothes to demand the launch of Bitcoin-ETF,” Barhydt says.

According to the exec’s opinion, to get the approval, the originator should literally “look, smell, and behave” in a way the SEC expects it to be. He also is convinced that the Commission would prefer to launch ETF with a respected and well-established company rather than with a startup.

Nevertheless, Barhydt argued that the Commission will actually launch the first cryptocurrency fund in the next year. “I can bet that it will be launched next year,” says Barhydt, adding that there are too many companies and entrepreneurs in the cryptocommunity that are expecting the launch of the fund. Probably, it will create a high pressure that the SEC will not be able to endure soon.

To remind, at the end of August, the SEC rejected the proposal of ProShares to open Bitcoin ETF and Short Bitcoin ETF, that was oriented on exchange-traded funds. Two more companies, Direxion and GraniteShares, were also denied to launch their Bitcoin-ETF, after ProShares’ misfortune.

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