Jack Chervinsky Believes That The Wilshire Phoenix Bitcoin ETF Will Be Denied Approval By The SEC

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • The Securities and Exchange Commission is going to announce its decision on the 26th of February.
  • Jack Chervinsky, a famous cryptoanalyst from Compound Finance, tweeted that the chances of Wilshire Phoenix Bitcoin ETF getting approved are minimal.
  • The Securities and Exchange Commission (SEC) is yet to decide what is to be done with the Wilshire Phoenix Bitcoin ETF(exchange trade funds).

The Wilshire Phoenix Bitcoin ETF won’t happen soon. The Securities and Exchange Commission (SEC) is yet to decide what is to be done with the Wilshire Phoenix Bitcoin ETF(exchange trade funds). They need an additional one week to conclude, and the possibility of approval are non-existent.

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It can be noticed that the cryptocurrency community isn’t having high hopes for the application. The reason behind such behavior is that every such application has turned down by the Securities and Exchange Commission.

The Securities and Exchange Commission is going to announce its decision on the 26th of February. As seen recently, the commission has raised concerned regarding the immaturity and high volatility of the crypto markets.

Nobody from the group of submitted applicants has told the agency that they are going to deal with the concerns and secure approval for Bitcoin ETF.

Jack Chervinsky, a famous cryptoanalyst from Compound Finance, tweeted that the chances of Wilshire Phoenix Bitcoin ETF getting approved are minimal. All the previous applications were denied after seeing the BTC market manipulation, the volatility of price movement, and security issues regarding cryptocurrency.

Commissioner Hester Pierce has a positive view regarding the application, but his opinion alone won’t change the decision. The SEC has listed its concerns already, and if an applicant doesn’t deal with them, their application will be denied.

The agency wants a fair price valuation that is based on multiple exchanges. A single exchange cannot be used for this purpose as arbitrage opportunities can lead to dilution.

The second concern shown by the agency is that the crypto market is not liquid enough to deal with an ETF. And lastly, the crypto market is risky as the exchanges are not that mature that they can provide a good arbitrage to the traders.

Wilshire Phoenix Bitcoin ETF might not comply with some of these concerns, and thus it will certainly not get approval from the council.

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