Cryptocurrency enthusiasts and bulls have been hopeful that the US Securities and Exchange Commission (SEC) will grant the first Bitcoin ETF (exchange-traded fund) this year. However, these bulls have been left disappointed recently as the SEC has handed out a handful of rejections and postponements.

Bill Barhydt, CEO of Bitcoin payment start-up Abra, told CNBC that it’s because the applications sent in haven’t fit the financial archetype that the SEC is looking for.

Abra CEO Speaks Out

“I think the issue with the SEC, quite frankly, is that the people who are doing the …