RATE Group | Arca and Wilshire Phoenix Bitcoin ETF Is Shot Down
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Arca and Wilshire Phoenix Bitcoin ETF Is Shot Down

29 Feb Arca and Wilshire Phoenix Bitcoin ETF Is Shot Down

Posted at 04:18h in Bitcoin News by

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Another bitcoin exchange-traded fund (ETF) proposal is in the garbage. This time, the application came by way of two companies known as Wilshire Phoenix and NYSE Arca Inc., both of which wanted to “mix bitcoin and short-term treasuries.”

Arca Is Pushed Aside

The proposal from both ventures was immediately dashed by the Securities and Exchange Commission (SEC), thereby removing another opportunity for crypto enthusiasts to trade professionally. A regulator commented in a statement:

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.

This has been one of the biggest problems with the SEC. They do not believe that the bitcoin market is not susceptible to manipulation, and in many ways, they’re right not to think so. Bitcoin experienced a massive bull run in 2017 that saw one unit…

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