The New York-based asset management firm stated it’s “very disappointed” in the regulator’s ruling, emphasizing it went to great lengths to ensure compliance. Read Press release.
The Company reacted saying:
“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. Unfortunately, the Order shows that all of these efforts did not receive the SEC’s full attention.”
The SEC rejected the application citing market manipulation and investor protection concerns. Managing director for Wilshire Phoenix, William Herman, argued that the regulator was potentially harming investors by denying them access to regulated products like ETFs.