ETF

The United States Securities Exchange Commission (SEC) has adopted a blockchain forensics tool. Despite seemingly favouring the tech, the agency is not so friendly about the product backed by this tech, namely cryptocurrency.

The United States Securities and Exchange Commission (SEC) has been showing hostility to the cryptocurrency businesses. While pressing hard on some projects including Telegram’s TON network and Bitcoin ETF proposals, the regulator fails to establish regulatory clarity within the industry.

The SEC recently responded to Wilshire Phoenix’s Application for the approval of a proposed rule change to launch a Bitcoin ETF. SEC rejected the citing insufficiently weak strategies for combating major common  financial crimes such as Market manipulation and Money laundering.

The US SEC has finally revealed it’s long awaited position on the bid filed by Wilshire Phoenix for a Bitcoin ETF. Wilshire Phoenix filed its application for a Bitcoin Exchange Traded Fund in mid 2019, but SEC only responded to it recently. The financial regulator cited fraud concerns as the major reason for rejecting the ETF application.

The US Securities and Exchange Commission (SEC) has suspended the Wilshire Phoenix’s Bitcoin exchange-traded fund (ETF) proposal. As per the official document issued by the SEC, they have decided to go forward with setting the proposal under further review. By Feb 26, next year, the commission will make a final decision on whether to allow or not to allow BTC ETF and also ascertain their status.

The financial and securities watchdog silently accepted a fund tied to the BTC futures market just a few days ago — an effort which many experts say vividly widens the chances for the endorsement of other ETFs sooner or later.