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Wilshire Phoenix Co-founder: The SEC May not Approve a Bitcoin ETF Until 2022 or 2023

Amy Liu

Summary: The SEC may not approve a Bitcoin exchange-traded fund (ETF) until 2022 or 2023, says Wilshire Phoenix co-founder William Cai. Cai has first-hand experience in dealing with the SEC and its bitcoin ETF approval process. The SEC rejected Wilshire Phoenix’s bitcoin ETF application in February 2020.  “The major thing is manipulation, and they’re focused on ...

The SEC may not approve a Bitcoin exchange-traded fund (ETF) until 2022 or 2023, says Wilshire Phoenix co-founder William Cai. Cai has first-hand experience in dealing with the SEC and its bitcoin ETF approval process. The SEC rejected Wilshire Phoenix’s bitcoin ETF application in February 2020. 

“The major thing is manipulation, and they’re focused on the cash market, [which] is not regulated and does not trade on regulated exchanges,” Cai explained. Cai said the SEC is also concerned about the maturity of the relatively new asset class.

By Amy Liu

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