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February 27, 2020, 03:14:07 AM |
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The US Securities and Exchange Commision has rejected New York based firm Wilshire Phoenix’s Bitcoin Exchange Traded Fund (ETF) application, citing ongoing concerns over market manipulation and a lack of surveillance-sharing agreements.
Commissioner Hester ‘Crypto Mom’ Peirce has publicly disagreed with the rejection.
NYSE Arca had submitted a proposed rule change to allow the listing and trade of Wilshire Phoenix's United States Bitcoin and Treasury Investment Trust. The proposal included both US Treasury Bonds and Bitcoin and hoped to address the SEC’s concerns over market manipulation by automatically rebalancing into bonds during periods of BTC price volatility.
Explaining the reasons behind its Wednesday ruling the SEC said the company had been unable to provide enough proof that it can protect itself from “fraudulent and manipulative acts and practices” in the Bitcoin market in order “to protect investors and the public interest.”
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