Cryptocurrency enthusiasts and bulls have been hopeful that the US Securities and Exchange Commission (SEC) will grant the first Bitcoin (available on Coinbase) 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 (available on Coinbase) 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 applications don’t fit the mold of who the SEC is used to approving,” Barhydt told CNBC today.

The CEO states that he used to work for Goldman Sachs and made a point to address his clothing attire in comparison to how these ETF applications are being sent in.

Many of the new tech start-ups and blockchain company executives have a much laxer work attire compared to those working on Wall Street. Barhydt states that he couldn’t just go into the SEC wearing what he’s wearing and expect them to accept an application for distributing ETFs. It has nothing to do with clothing, per say, but has everything to do with the reputation and foundation of the company applying to distribute Bitcoin (available on Coinbase) ETFs.

So far this year, the financial watchdog has rejected multiple Bitcoin (available on Coinbase) ETF proposals. Bitcoin (available on Coinbase) (BTC) futures were introduced back in mid-December, and many believe ETFs are the next vital step for transforming the crypto space into a mainstream industry.

Bitcoin (available on Coinbase) ETFs Coming Soon?

Abra’s CEO told CNBC that for an application to be approved by the SEC, it would take an applicant who “looks, feels, and smells” the way the SEC wants them to.