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Tarulika Jain
Feb 29, 2020
by Tarulika Jain

Wilshire Phoenix Reacts to SEC’s Dismissal of Their Bitcoin ETF

Wilshire Phoenix
Securities and Exchange Commission (SEC) has quashed the aspirations for the Bitcoin Exchange Traded  Fund (ETF) again when it rejected the rule change proposal of Wilshire Phoenix on Wednesday. The New York-based investment management firm countered the decision of the regulator by stating that “the great disservice” may be proved as the reason for the frustration of investors.

Disgruntled Wilshire Phoenix After The Rejection Of ETF

Wilshire Phoenix is unsatisfied with the rejection of SEC as the firm claimed that it had made every effort to comply with the regulations of SEC. The detailed analysis of the proposal was provided to staff of the SEC and offered to provide extra information to persuade them regarding the importance of ETF in the crypto ecosystem.

William Herrmann, the Managing Partner of Phoenix, explained the acceptance of the ETF among many retail investors and the growing demand for the commodity in the crypto market. He clarified that Wilshire’s ETF aimed to facilitate investors through a regulated and transparent vehicle while mitigating volatility.

ETF Proposal Contradicts Exchange Act Of SEC

SEC released the order of 76 pages where it clarified the reasons for rejecting ETF Proposal of Phoneix filed along with NYSE Arca. The SEC conducted the test related to Bitcoin ETF, which contradicts the Exchange Act of the regulator. The Commission cleared that signalling green to ETF proposal may lead to rampant market manipulation as the NYSE Arca not satisfied the requirements.

Phoenix replied to Hester Peirce, the regulator of SEC dubbed as ‘Cryptomom”, who describes the commission “stodgy” after renouncing debut of the Bitcoin ETF of the firm. The regulator publicly dissented with the dismissal which she stated as unfounded and “evinces a stubborn stodginess in the name of innovation”.

Security and Exchange Commission has dismissed at least nine applications related to Bitcoin ETF proposal till date as the regulator is cautious about market manipulations rather than entertaining the interests of the crypto investors.

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Wilshire Phoenix Reacts to SEC’s Dismissal of Their Bitcoin ETF
Tarulika Jain
Tarulika is an engineering graduate and an eloquent crypto blogger. Being a digital economy supporter, she keeps herself updated with the latest innovation in the crypto industry, Blockchain Technology, Internet of Things and other technologies. Currently, she curates the simple and interesting content for Crypto guides for beginners. If you want to learn more about the cryptocurrencies, latest trends of blockchain-powered AI applications, you are free to follow her on LinkedIn and Twitter.

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