William Cai, co-founder of investment firm Wilshire Phoenix, is the latest person to doubt the prospect of bitcoin (BTC) ETF approval in the United States in 2021.
Speaking to Business Insider, Cai remarked that a bitcoin ETF in 2021 is unlikely as he has expected 2022 and 2023 as the earliest possible estimates for the Securities and Exchange Commission (SEC) to flag a BTC ETF. presented as
Several bitcoin ETF hopefuls currently have filings with the SEC, including fund management organization Global X that submitted an earlier in July.
The SEC has elected to delay its decision on the now-pending ETF submissions, and Kai expects the commission to reject these applications, stating: “We think they will all be implicated.”
Kai has some experience with the SEC’s handling of bitcoin ETF applications. As previously reported by Cointelegraph, the commission rejected the Wilshire Phoenix bitcoin ETF filing in February 2020, much to the dismay of the company.
According to Cai, the Commission’s stance on bitcoin ETFs remains the same, despite the change of guard under the SEC’s leadership with Gary Gensler as its new chairman. “I haven’t seen anything that suggests their thinking has changed,” Cai said.
As part of the interview, the Wilshire Phoenix co-founder stated that price manipulation remains a major concern for the SEC.
Connected: Osprey Funds CEO says US will approve bitcoin ETF in 2022 ‘at the earliest’
Cai isn’t the only person skeptical of a bitcoin ETF due out in 2021. In June, Gray King, CEO of bitcoin trust issuer Osprey Funds, marked 2022 as the earliest estimate for an SEC-approved BTC ETF.
At the time, King said that bitcoin ETFs were not high on the SEC’s list of priorities. Cai made the same argument, telling Insider that the commission was focused on regulating meme stock, ESG compliance, and the Robinhood IPO.