The SEC is still pondering upon the the approval of multiple Bitcoin ETF proposals. The latest one, as Leaprate reported several days ago, is coming from Wilshire Phoenix.
A decision on the Wilshire Phoenix application is due late in September, but a delay is expected.
Yesterday, it became clear that the SEC has started a procedure regarding the ETF proposal and whether it will be approved or not.
On Tuesday, September 24th, the SEC began evaluating the proposed rule change that will allow NYSE Arca to actually start listing and trading the Wilshire Phoenix’s Bitcoin and Treasury Investment Trust. The proposal for the rule change were filed in May, 2019.
What the new ETF will allow investors to do is be exposed to both U.S. Treasury bonds and the “people’s currency”. The SEC has been gathering comments from multiple stakeholders on the proposal in June, and the response rate turned out to be very low – only six people submitted their answers, which were for and against the launch of a Bitcoin ETF.
According to press and a public filing, the executive team of Wilshire Phoenix, employees of Seward & Kissel (law company) and NYSE Arca have met with the SEC in early September to discuss the next steps.
As Leaprate reported, the SEC is facing approaching deadlines on several Bitcoin ETF applications, including the one submitted by Bitwise Asset Management, which is to receive final decision date on October 13th.
VanEck pulled their ETF application for a retail Bitcoin ETF , surprising the Bitcoin community. However, the one major comment that seems to prevail from stakeholders who are submitting responses to the SEC and giving their opinion on the Bitcoin ETF is the following:
FOR GOD SAKE just approve this bitcoin etf — THIS IS BEEN GOING ON FOREVER….