Wilshire Phoenix Reacts to SEC’s Dismissal of Their Bitcoin ETF
- Phoenix quoted SEC's Commissioner Hester Peirce, who called the commission ‘stodgy’ after rejecting Phoenix proposal.
The Securities and Exchange Commission (SEC) on Wednesday has once again crushed the hopes for a Bitcoin exchange-traded fund (ETF) by rejecting Wilshire Phoenix’s rule change proposal. The New York-based investment-management firm today commented on the regulator's decision by calling this "a great disservice” that causes “the investing public’s frustration.”
The SEC released a 76-page order where it makes a case for rejecting Phoenix’s ETF proposal that was filed together with NYSE Arca. The order made it clear that the regulator was particularly concerned about rampant market manipulations when it comes to green-lighting a Bitcoin ETF, adding that that NYSE Arca failed to satisfy the necessary requirements for the listing.
In its recently released press release, Wilshire Phoenix states that the regulator's feedback was very unsatisfactory after it made every effort to get the SEC’s attention on this important issue. This included an extensive analysis that was presented to the SEC staff, submitting key data, and offering to provide additional information to convince them of the requirement of an ETP in the crypto market.
CryptoMom stands with Phoenix
In its filing, Phoenix presented its case that their offering was resistant to manipulation since it was created to provide investors with exposure to Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term through a regulated vehicle that also mitigates Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term.
However, per the federal agency’s mandate, the filing was rejected, and it remains unconvinced despite growing interest and involvement of retail investors in the virtual asset class.
SEC Commissioner Hester Peirce, aka "Crypto Mom."
Phoenix also quoted Hester Peirce, an SEC regulator dubbed “CryptoMom,” who called the commission ‘stodgy’ after rejecting debut of their Bitcoin ETF. Peirce has publicly disagreed with the dismissal, which she described as unfounded and “evinces a stubborn stodginess in the face of innovation.”
“Commissioner Peirce’s dissent eloquently captures the investing public’s frustration; I could not agree with her more. The SEC has created a test for bitcoin related ETPs that is clearly inconsistent with the Exchange Act. We are carefully reviewing the Order and determining the best next steps,” said Wilshire’s managing partner William Herrmann.
The Securities and Exchange Commission (SEC) on Wednesday has once again crushed the hopes for a Bitcoin exchange-traded fund (ETF) by rejecting Wilshire Phoenix’s rule change proposal. The New York-based investment-management firm today commented on the regulator's decision by calling this "a great disservice” that causes “the investing public’s frustration.”
The SEC released a 76-page order where it makes a case for rejecting Phoenix’s ETF proposal that was filed together with NYSE Arca. The order made it clear that the regulator was particularly concerned about rampant market manipulations when it comes to green-lighting a Bitcoin ETF, adding that that NYSE Arca failed to satisfy the necessary requirements for the listing.
In its recently released press release, Wilshire Phoenix states that the regulator's feedback was very unsatisfactory after it made every effort to get the SEC’s attention on this important issue. This included an extensive analysis that was presented to the SEC staff, submitting key data, and offering to provide additional information to convince them of the requirement of an ETP in the crypto market.
CryptoMom stands with Phoenix
In its filing, Phoenix presented its case that their offering was resistant to manipulation since it was created to provide investors with exposure to Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term through a regulated vehicle that also mitigates Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term.
However, per the federal agency’s mandate, the filing was rejected, and it remains unconvinced despite growing interest and involvement of retail investors in the virtual asset class.
SEC Commissioner Hester Peirce, aka "Crypto Mom."
Phoenix also quoted Hester Peirce, an SEC regulator dubbed “CryptoMom,” who called the commission ‘stodgy’ after rejecting debut of their Bitcoin ETF. Peirce has publicly disagreed with the dismissal, which she described as unfounded and “evinces a stubborn stodginess in the face of innovation.”
“Commissioner Peirce’s dissent eloquently captures the investing public’s frustration; I could not agree with her more. The SEC has created a test for bitcoin related ETPs that is clearly inconsistent with the Exchange Act. We are carefully reviewing the Order and determining the best next steps,” said Wilshire’s managing partner William Herrmann.