{"id":23043,"date":"2020-02-27T10:55:52","date_gmt":"2020-02-27T09:55:52","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=23043"},"modified":"2020-02-27T10:55:52","modified_gmt":"2020-02-27T09:55:52","slug":"sec-rejects-the-wilshire-phoenix-bitcoin-etf-proposal","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/sec-rejects-the-wilshire-phoenix-bitcoin-etf-proposal\/","title":{"rendered":"SEC Rejects the Wilshire Phoenix Bitcoin ETF Proposal"},"content":{"rendered":"
The US Securities and Exchange Commission<\/strong> (SEC), a financial market regulator has rejected the application to launch a Bitcoin ETF filed jointly by New York-based Wilshire Phoenix<\/strong> and NYSE Arca exchange<\/strong>. <\/span><\/p>\n The SEC <\/span>published<\/span><\/a><\/u><\/span><\/strong> the rejection on Wednesday citing the lack by the applicants to prove sufficient measures to prevent manipulation of the Bitcoin market. in addition, the commission reiterated in its latest rejection the same reasons for denying a Bitcoin ETF as it has previously with applications from large firms such as Cboe<\/a><\/strong>, Bitwise<\/a><\/strong> and Winklevoss twins.<\/span><\/p>\n \u201c<\/em>The Commission must disapprove a proposed rule change filed by a national securities exchange if it does not find that the proposed rule change is consistent with the applicable requirements of the Exchange Act \u2014 including the requirement under Section 6(b) (5) that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices,\u201d<\/em> the commission wrote in its 76-page statement on the rejection of the Wilshire Bitcoin ETF rule-change proposal.<\/span><\/p>\n Wilshire had filed the request to amend the Exchange Act to allow for the launch of the Bitcoin ETF mid-last year.<\/span><\/p>\n <\/p>\n The Wednesday rejection led one of the commission\u2019s commissioners to publicly decent on the decision. Hester Peirce, popularly known as the \u2018Crypto Mom\u2019 following her popular dissenting views on most policies by the commission related to cryptocurrency products. <\/span><\/p>\n