Wilshire
Phoenix Rips SEC for Rejecting Its Bitcoin ETF Proposal
The New York-based asset
management firm Wilshire Phoenix has reacted to the U.S. Securities and
Exchange Commission’s rejection of its Bitcoin exchange-traded fund (ETF)
proposal.
The firm has stated it’s “very
disappointed” in the regulator’s ruling, emphasizing it went to great lengths
to ensure compliance. It went as far as making six amendments to its original
application.
“We made every effort to get the SEC’s
attention on this important issue, including undertaking extensive analysis
that was made available to the SEC staff, submitting key data, and offering
to provide additional information to facilitate the listing of a much needed
regulated bitcoin-related ETP in the United States. Unfortunately, the Order
shows that all of these efforts did not receive the SEC’s full attention.”
The SEC rejected the
application citing market manipulation and investor protection concerns.
William Herman, managing director for Wilshire Phoenix, argued the regulator
was potentially harming investors by denying them access to regulated
products such as ETFs.
