• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
Bitcoin ETF

Abra CEO: Bitcoin ETF Applicants Don’t Fit the Mold for the SEC

Cole Petersen by Cole Petersen
5 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Abra’s CEO is expressing confidence that the U.S. Securities and Exchange Commission (SEC) will approve the first Bitcoin ETF later this year.

In the past few months, news regarding the approval and denial of Bitcoin ETFs have dominated the cryptocurrency community’s discussions, and many people see the potential approval of the CBOE VanEck/SolidX Bitcoin ETF as the next major catalyst for a Bitcoin bull run.

Bill Barhydt, the CEO of Bitcoin payment processor, Abra, explained to CNBC that the SEC has been slow to approve any Bitcoin ETFs due to the applications not fitting the financial model that the SEC is used to.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

While speaking to the hosts of CNBC’s “Squawk Box Europe,” Barhydt explained his views:

“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.”

SEC Discerning on Which Bitcoin ETF to Approve

The SEC has yet to show any signs of approving a Bitcoin ETF, first declining the reapplication for the Winklevoss Bitcoin ETF and since declining several other Bitcoin ETFs. The CBOE VanEck/SolidX ETF is the most anticipated one, as many analysts see it as the most likely to be approved.

The markets saw a rapid downturn following news that the SEC was postponing their decision on the VanEck/SolidX ETF until later this month, signaling that regulators need more time to reach a conclusive decision. Many cryptocurrency advocates believe that the approval of a Bitcoin ETF will lead to unprecedented institutional investments, which could lead to a major rally.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

While speaking about which ETF application will be approved, Barhydt explained that it will take an applicant that “looks, feels, and smells” the way the SEC wants them to. He added that a reputable, trusted, financial institution will likely be the first to garner the SEC’s blessing.

Recently, CBOE’s president and CEO, Chris Concannon, expressed that he is convinced that their application will receive approval, adding that the SEC may need to alter their rules and expectations before approving any applications.

While speaking to Bloomberg last month, Concannon said:

“As we chip away at their issues to make them less concerned, at some point they’ll be comfortable with an ETF… Having the underlying futures come to market first, prior to an ETF, I think you have a healthier, more mature market. The problem with a futures-based ETF is, what is the right level of liquidity? It’s never been tested before.”

Abra’s Barhydt importantly noted that he would “bet” that the first Bitcoin ETF will receive approval within the next year. He said, “it’s going to happen in the next year, I would actually make a bet on it. There is too much demand for it.”

Featured image from Shutterstock.
Tags: bitcoinBitcoin ETFCBoEetfsolidxVanEck
Tweet123Share216ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin

Bitcoin Liquidity Crisis Gets Worse, Here’s What It Means For Price

4 mins ago
Bitcoin Nears $29,000 As Fed Rate Hike Brings Clarity To Market

Bitcoin Nears $29,000 As Fed Rate Hike Brings Clarity To Market

11 hours ago
Bitcoin

Bitcoin Back Above $27,600 As US Banking Crisis Is Far From Over

1 day ago
Bitcoin And USDT

Quant Points Out Curious Relationship Between USDT Inflows & Bitcoin Price

2 days ago
Bitcoin

Bitcoin Rally Driven By Record Open Interest In Derivatives Market

2 days ago
Bitcoin price skyrockets

Bitcoin Climbs Above $28,500, Fed Decision Will Fuel The Rally?

2 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Litecoin (LTC) and Dogecoin (DOGE) Drowning in Controversy While TMS Network (TMSN) Steals the Show

March 24, 2023

The Best Altcoins To Get In Early 2023: TMS Network (TMSN), TRON (TRX) and Mask Network (MASK)

March 24, 2023

The Web3.Conference will gather Web3 builders & creators this May in Amsterdam

March 24, 2023

LFi Unveils LFi Smartphone, Providing Unprecedented Access to Decentralized Financial Opportunities

March 24, 2023

Cardano (ADA) and Polkadot (DOT) Prices Reach a Crucial Juncture, While TMS Network (TMSN) Attracts Investors in Stage 2 of Presale

March 24, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.