Cryptocurrency
SEC Quashes Dreams of Bitcoin ETF With Another Rejection
As reported on Bloomberg, “The U.S. Securities and Exchange Commission disapproved the last proposal for a Bitcoin exchange-traded fund, likely destroying any remnants of hope from digital currency fans that a fund would get the green light this year. “The SEC denied an application Wednesday by Wilshire Phoenix and NYSE Arca Inc. to list a fund that […]
As reported on Bloomberg, “The U.S. Securities and Exchange Commission disapproved the last proposal for a Bitcoin exchange-traded fund, likely destroying any remnants of hope from digital currency fans that a fund would get the green light this year.
“The SEC denied an application Wednesday by Wilshire Phoenix and NYSE Arca Inc. to list a fund that wanted to mix Bitcoin and short-term Treasuries, according to an order posted on the regulator’s website. Bitcoin dropped more than 6% to about $8,819 as of 4:13 p.m. in New York.
“’The Commission concludes that NYSE Arca has not established that the relevant Bitcoin market possesses a resistance to manipulation that is unique beyond that of traditional security or commodity markets such that it is inherently resistant to manipulation,’ the regulator said. A Wilshire representative didn’t immediately reply to a request for comment…”