SEC Opens Public Commenting on Bitcoin and T-Bill Backed Wilshire Phoenix ETF Listed on NYSE Arca
- The SEC is presently receiving comments for an ETF that is backed by both Treasury bills and Bitcoin.
- The regulator recently delayed the decision on rule change proposals by Bitwise and VanEck/SolidX.
The approval of a Bitcoin ETF has been delayed and denied several times, but the same is not to be said of a new ETF presently being considered by the Securities and Exchange Commission (SEC). Instead, this proposal includes backing by both Bitcoin and Treasuring bills. As of June 25th, the Sec has opened up the period of public comment for the proposal, which will last for 21 days.
On Tuesday, the SEC published a rule change proposal, making it possible for shares of the ETF to be listed by Wilshire Phoenix Funds on the NYSE Arca exchange. The regulator is presently receiving comments from the public, though the document may ultimately end up being published to the Federal Register before the time starts.
To hold onto the trust’s Bitcoin, the firm used Coinbase Custody, adding $200 million for theft insurance, in the event that the holding is at risk. By law, the SEC has up to 45 days to make their file decision, after the filing is published. However, they have the option of increasing this timeframe to 90 days.
There are already several ETF rule change proposals in the works, according to the SEC. Right now, both Bitwise Asset Management and VanEck/SolidX have provided submissions with NYSE Arca and Cboe Global Markets, respectively. Each of these proposals have extended the deadline multiple times, though a decision is expected by the middle of next month.