THELOGICALINDIAN - WilshirePhoenix responded bygone to the SECs accommodation this anniversary which denied approval for their Bitcoin ETF appliance Their criticism avalanche in band with SEC Commissioner Hester Pierces bone with the SECs denials of several ETF applications
Another Bitcoin ETF Application, Another SEC Denial
The SEC had until a February 26th borderline to accomplish a accommodation on Wilshire-Phoenix’s Bitcoin ETF proposal, which was filed with the bureau aftermost year. The SEC issued an adjustment accusatory the ETF application, and abstinent Wilshire-Phoenix.
This abnegation doesn’t appear as a surprise, the SEC has denied 9 added applications in the aftermost year or so, including the ETFs proposed by Van Eck, and the Winklevoss brothers.
Even admitting it isn’t hasty that the Wilshire-Phoenix ETF didn’t accept approval, Wilshire-Phoenix still expressed their disappointment with the SEC’s decision.
An ETF is an Exchange Traded Fund, and it is an advance agent that would acquiesce institutional investors a fully-regulated way to get Bitcoin acknowledgment after accepting to authority or aegis the basal asset, in this case, Bitcoin.
Wilshire-Phoenix feels that the SEC didn’t accord the ETF appliance their abounding attention, as Wilshire-Phoenix has offered to accommodate key abstracts and added advice to advice facilitate the advertisement of the ETF.
They accede with SEC Commissioner Hester Pierce’s agnostic comments area she accurate her claimed altercation with the agency’s bounce of abounding ETF proposals. Both institutional and retail investors accept an ETF is analytical for the beforehand of Bitcoin.
Another Example of the US Regulatory Regime Stifling Innovation?
The SEC’s abnegation of the Wilshire-Phoenix ETF appliance comes on the heels of Boerse Stuttgart’s addition of the first-ever changed ETP for Bitcoin. Earlier this week, Germany’s second-largest banal barter introduced the 21Shares Short Bitcoin ETP.
The 21Shares ETP allows investors to abbreviate Bitcoin during crumbling amount action. Wilshire-Phoenix contends that the US banking markets badly charge an ETF, or ETP to accumulate from falling behind.
Hester Pierce agrees and accurate her dejection with the SEC’s abnegation of the Winklevoss ETF by publishing a letter in which she bidding her disagreement. She additionally afresh fabricated account for proposing a “safe harbor” action which would acquiesce blockchain startups a “grace period” from administration accomplishments from the SEC, adjoin unregistered balance offerings.
Another SEC Commissioner Robert Jackson Jr. declared that an ETF for Bitcoin is inevitable, however, he added that it charge accommodated the agency’s framework and guidelines. Wilshire-Phoenix believes that they accept met the agency’s guidelines and were still denied.
When do you anticipate we will absolutely see a US Bitcoin ETF? Let us apperceive in the comments!
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