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 through a regulated vehicle that also mitigates Volatility.
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.
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 through a regulated vehicle that also mitigates Volatility.
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.
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.
Breaking: Binance's Changpeng Zhao Handed Four Months in Prison
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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