Wilshire Phoenix Calls SEC’s Bitcoin ETF Rejection A ‘Great Disservice’ To The Public
- Wilshere Phoenix laments on the latest SEC dismissal of their planned Bitcoin ETF asset.
- Commissioner and Bitcoin proponent, Hester Peirce, sides with WP, calls commission ‘stodgy’.
Wilshere Phoenix, a NY based financial firm, gave its response to the latest Securities and Exchange Commission (SEC) denial of approving their Bitcoin ETF on Feb.26. After 13 months of pushing and making changes to its initial application, Wilshere Phoenix Bitcoin ETF was rejected on grounds of possible market manipulation and protection of investors.
Wilshere Phoenix responds to Bitcoin ETF disapproval
However, on Feb 29, the New York-based management firm released a detailed report lamenting on the SEC’s decision to dismiss the fund. The report reads,
“We made every effort to get the SEC’s attention on this important issue, including undertaking extensive analysis that was made available to the SEC staff, submitting key data, and offering to provide additional information to facilitate the listing of a much needed regulated bitcoin-related ETP in the United States.”
This, however, does not come as a shock to the crypto community who have had to wait over three years and watch the last nine or so applications rejected by the securities agency. Despite the efforts put in place by the companies to set their ETFs up to standard, the SEC has continuously switched the requirements. The report further stated,
“Unfortunately, the Order shows that all of these efforts did not receive the SEC’s full attention.”
While the SEC maintains Bitcoin-related products in the regulated markets still show issues of market manipulation and possible investor’s risks, the firm believes the fund will actually improve investment in BTC. The managing director at the firm, William Herrmann said,
“Many retail investors are already investing in this commodity and investor demand continues to grow each day. Our ETP was created to provide investors with exposure to bitcoin through a regulated and transparent vehicle that also mitigates volatility.”
He further called out the commission blaming it for stifling development in the industry claiming it “has done a great disservice to the public by rejecting this application.”
SEC Commissioner sides with Wilshere Phoenix
Recent comments from SEC’s commissioner, Hester Peirce, alias Crypto mom, dissented from the dismissal of the Bitcoin ETF. The blockchain enthusiast and Bitcoin proponent stated the commission was crippling the industry and are not willing to “approve the listing of any product that would provide access to the market for bitcoin.”
She further stated the commission is always shifting the standards when it comes to regulating Bitcoin-based products – a ‘stodgy’ move by the agency.