Data Transparency and Fake Trading Volumes — Institutionalizing Crypto

On 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 Bitcoin (BTC) and the United States Treasury bonds to hedge against Bitcoin’s volatility in a hope to break the trend of ETF rejections,

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