Bitcoin ETF: SEC Rejects Wilshire Phoenix Proposal

The DRY of the United States rejected the application of exchange traded fund (ETF) sure Bitcoin filed by Wilshire phoenix. According to one of the commissioners, the American organization will never approve such a product.

Scheduled for late December, the response from Security of Exchange for'Bitcoin ETF proposed by the company Wilshire phoenix on the NYSE Arca had been postponed to February 26, 2020.

In a document published on his website on Wednesday, the American stock market policeman rejected the proposal, stating that the NYSE Arca did not ensure that "the rules of a national securities exchange are designed to prevent fraudulent practices and protect investors".

Wilshire phoenix proposed a exchange traded fund structurally different from the other products offered so far. His AND F tracks the value of Bitcoin but also american treasury bills in proportions aimed at closely reproducing the index Bitcoin Treasury Index (BTI).

Hope dwindles for Bitcoin ETF supporters

Following this umpteenth refusal, a pro-crypto SEC commissioner, Hester Peirce aka " Crypto-mom ", Reversed the organization's decision.

The order is the latest in a long series of refusals the Commission has made regarding products related to Bitcoin. This leads me to conclude that the Commission is not prepared to approve any product that would give access to the Bitcoin market, "she wrote.

Peirce went on to add that the reluctance of the SEC to adopt new products and technologies "impedes innovation and threatens to push entrepreneurs into other jurisdictions".

The Commission’s approach to these exchange traded bitcoin funds is frustrating as it shows a strong stubbornness towards innovation, "she concluded.