The SEC has rejected another crypto ETP, but applicants say approval is slowly approaching
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Quick Take
- The Securities Exchange Commission (SEC) rejected the Wilshire Phoenix exchange trade product (ETP) proposal last week, striking down the last active proposal for a bitcoin ETP.
- A string of bitcoin exchange trade fund (ETF) rejections has set a discouraging tone, with SEC Commissioner Hester Peirce publishing a dissent that called the staff stubborn in its refusal to further consider a crypto product
- Those in the ETF space say a string of rejections and a long road to approval are common, meaning there might still be hope for a crypto ETF.
The Securities Exchange Commission (SEC) rejected the last remaining bitcoin exchange trade product (ETP) proposal last week, but industry players say it's still just a matter of time until an approval.
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