NEW YORK, NY – February 26, 2020 – The Securities and Exchange Commission (“SEC”) issued an order disapproving a proposed amendment to NYSE Arca Rule 8.201-E to list and trade shares of the United States Bitcoin and Treasury Investment Trust. In response, Wilshire Phoenix issued the following statement.
We at Wilshire Phoenix are very disappointed by the Commission’s decision. 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.
“Commissioner Peirce’s dissent eloquently captures the investing public’s frustration; I could not agree with her more. The SEC has created a test for bitcoin related ETPs that is clearly inconsistent with the Exchange Act. Many retail investors are already investing in this commodity and investor demand continues to grow each day. Our ETP was created to provide investors with exposure to bitcoin through a regulated and transparent vehicle that also mitigates volatility. In my opinion, the Commission has done a great disservice to the public by rejecting this application. We are carefully reviewing the Order and determining the best next steps,” said William Herrmann, Managing Partner.
About Wilshire Phoenix
Wilshire Phoenix is a New York based investment management firm dedicated to helping its clients manage assets throughout the investment lifecycle. The fundamental premise upon which the firm is built is to fulfill the needs of its clients in a rapidly evolving market. Whether providing financial solutions for institutions, private clients or individual investors, Wilshire Phoenix delivers informed investment management services for both traditional and alternative assets. To learn more contact firstname.lastname@example.org.
Forward Looking Statement
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy. Words such as “will,” “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.