Hey ninja’s, how is the trading going? New York-based asset management firm Wilshire Phoenix has responded to the rejection of its proposed Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).
Wilshire Phoenix explained that the fund aimed to provide investors with an easier to use, more efficient and less volatile way of transacting with bitcoin. The firms United States Bitcoin and Treasury Investment Trust were first filed in January 2019 and six amendments were further made to the application in 13 months.
The application was rejected on the 26th of February, and the SEC cited market manipulation and investor protection as one of its key concerns and reasons for rejecting the application.
Wilshire Phoenix stated that it is very disappointed with the SEC’s decision, and pointed out that the firm went to great length to ensure that the application complied with the SEC’s expectations, including submitting of critical data, and ensuring that extensive analysis was made available to the SEC staff.
Also, offering to provide new information nut all was to no avail. The firm’s managing director, William Herrmann, also responded to the rejection and concerns of the SEC, stating that Bitcoin ETF would provide a safer means to access Bitcoin for retail investors. In his opinion, the SEC has done the public a great disservice, and despite the SEC’s ruling, the demand for Bitcoin is still growing.