Data Transparency and Fake Trading Volumes — Institutionalizing CryptoOn Feb. 26, the Securities and Exchange Commission announced the rejection of yet another ETF submission from Wilshire Phoenix, a New York-based investment firm, citing a lack of resistance to market manipulation and fraudulent activity. The filing stated that the NYSE Arca had not demonstrated that the market was “designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.”
While Wilshire Phoenix aimed to base its ETF both on (BTC) and the United States Treasury bonds to hedge against Bitcoin’s volatility in a hope to break the trend of ETF rejections, the reasons cited by the SEC remain the same: a lack of a surveillance-sharing agreement with a significant market for the underlying asset or a novel demonstration of the market’s inherent resistance to manipulation.
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Source: Cryptocurrency - investing.com
