Bitcoin ETF applicant to win approval if it “looks, feels & smells” as per SEC’s need: Abra CEO
Bill Barhydt, Abra CEO has expressed that SEC approval can be won if Bitcoin ETF applicant presents itself as per SEC's requirement. Abra is a payment start-up based on Bitcoin. In a recent interview with CNBC, Bill has clarified that reputed financial institution has higher probability to win approval from the commission than the newly emerging start-ups. He has stated that in a year's time, SEC would give its approval to a Bitcoin ETF applicant provided it satisfies the needs of the commission.
Abra CEO's statement
Barhydt has opined that an applicant who abides by the commission's standard and "looks, feels and smells'' as per the choice of SEC would be granted the permission. However, as per his statement, so far none of the Bitcoin ETF applicants could be receive the approval since the ones applying “don’t fit the mold” of the identities that SEC generally deals with. The CEO of Abra has revealed his opinions at a time when the date of decision making of the Commission on VanEck's application of Bitcoin ETF is advancing on 30th September.
He has explained the reasons that played a crucial role for the Commission not to grant its approval to the applicants. The applications have failed to meet the requirements specified by SEC with respect to the personality and industry archetype and financial based industry profile.
According to his statement, “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. I used to work for Goldman Sachs, but if you look at how I’m dressed you probably wouldn’t know it. So I probably, unfortunately, couldn’t go like I am here to a meeting at the SEC to say I’m applying for the ability to issue an ETF.”
Till now, Tyler and Cameron Winklevoss' fund proposal has been rejected along with discarding a number of Bitcoin ETF proposals and the proposed ETF of VanEck and Solid X has been postponed by the U.S. Securities and Exchange Commission. However, when asked about the possible time of winning ETF approval from SEC, he has commented, “It’s going to happen in the next year, I would actually make a bet on it”. He has added, “There is too much demand for it.”
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