The SEC rejected Wilshire Phoenix’s Bitcoin ETF, SEC commissioner Hester Peirce disagreed with the rejection

The U.S. Securities and Exchange Commission has rejected the application of the New York-based Wilshire Phoenix Bitcoin Exchange Traded Fund (ETF), citing ongoing concerns about market manipulation and lack of agreements shared monitoring.

The SEC Commissioner publicly disagreed with the ETF proposal

NYSE Arca has submitted a proposed rule change to allow listing and trading of Wilshire Phoenix’s United States Bitcoin and Treasury Investment Trust. This proposal includes both U.S. Treasury Bonds and Bitcoin in the hope of addressing the SEC’s concerns about market manipulation by automatically rebalancing into bonds during BTC price volatility.

On Wednesday, explaining the reason behind the ruling, the SEC knew the company was unable to provide enough evidence that it could protect itself from fraud and manipulation and fraudulent activities in the market. Bitcoin market to protect investors and the public interest.

SEC note:

“The Commission must disapprove a proposed rule change filed by a national securities exchange if it does not find that the proposed rule change is consistent with the applicable requirements of the Exchange Act – including the requirement under Section 6 (b) (5) that the rules of a national securities exchange are designed to prevent fraudulent and manipulative acts and practices.”

The SEC has rejected at least nine Bitcoin ETF applications so far, including applications from Bitwise Asset Management, VanEck/SolidX, and Direxion. Kryptoin and Crescent Crypto still have ETF proposals on cryptocurrencies awaiting decisions from the SEC.

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Commissioner Hester ‘Crypto Mom’ Peirce

Despite disagreeing with the SEC’s opinion, Hester Peirce said the committee has once again disapproved of changing the proposed rule that will provide U.S. investors with access to Bitcoin through a listed product and trading on a national stock exchange object to the legal framework of the commission.

Peirce said:

“This line of disapprovals leads me to conclude that this Commission is unwilling to approve the listing of any product that would provide access to the market for Bitcoin and that no filing will meet the ever-shifting standards that this Commission insists on applying to Bitcoin-related products – and only to Bitcoin-related products.”

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