Head of the trading platform Abra Bill Barhydt decided to share his "musing" on why "bitcoin ETFs haven't been approved yet and when they will be."
Barhydt notes that such financial instruments will be launched sooner or later, and forecasts that the US Securities and Exchange Commission (SEC) will probably approve the launch of crypto ETF next year, as "there is too much demand for it."
He believes that Bitcoin ETFs could not receive regulator's approval is due to an unusual reason. Barhydt said that he supposes that applicants needed to fully observe the office dress code when visiting the US Securities and Exchange Commission.
"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," Barhydt told CNBC.
Barhydt stressed that dress code rules on the traditional financial market are so strict that one needs to even use certain perfume, and look appropriate, so that the SEC took such a visitor seriously.
Barhydt, who prefers to wear jackets and T-shirts, noted that in this form he would never risked going to the SEC with a request to launch Bitcoin ETF.
That’s why we wear suits now :)— Hunter Horsley (@HHorsley) 5 сентября 2018 г.
Commenting the statement of Barhydt, Hunter Horsley, CEO of Bitwise Invest, said that it explains "why we wear suits now," and Barhydt tweeted that Horsley is a "smart man."