SEC Rejected Another Application For Bitcoin ETF
SEC rejected Wilshire Phoenix's Bitcoin ETF application. The regulator called the reason for the refusal the threat of fraud and market manipulation. The Securities and Exchange Commission explains its refusal by saying that the financial firm Wilshire Phoenix was unable to convincingly demonstrate measures "to prevent fraudulent and manipulative actions and practices" and "protect investors and the public interest." A similar decision was made by the SEC when the Commission rejected the application for Bitcoin ETF of the American crypto exchange Gemini.
The last SEC decision on Bitcoin ETF shows that this or similar product is unlikely to hit the market in 2020. However, in the cryptocurrency space, many experts have come to the conclusion that the exchange traded fund is not as important as it was several years ago. The crypto market has grown significantly, and it has a developing infrastructure: we are talking about Fidelity Investments Custody, CME and Bakkt futures contracts. Bitnewstoday will continue to monitor the development of the cryptocurrency derivatives market.
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