Altcoin News: NYSE Has Filed an Application to Change the Rules for Listing Bitcoin ETFs

May 21, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

NYSE Arca officially requested the SEC to change the rule that would allow the listing the proposed Bitcoin ETFs.

According to a statement made by the New York Stock Exchange, The United States Bitcoin and Treasury Investment Trust, managed by Wilshire Phoenix Funds, will invest exclusively in Bitcoin and short-term US Treasury securities.

The Coinbase custodial unit will act as custodian of the Bitcoin investment trust. Working through Coinbase, the trust fund will receive up to $200 million of insurance against thefts from its hot and cold wallets from a syndicate of industry-leading insurers who are highly rated by AM Best.

This initiative does not apply to Bitcoin ETFs for which NYSE Arca and Bitwise are seeking SEC approval. Last week, the SEC again postponed the decision on this application.

Wilshire submitted a proposal back in January, but it was only this Monday that the regulatory review process was officially launched. Now the SEC has 45 days to approve, reject or postpone a decision to change the rules, and up to 90 days to make a final decision. Back in November last year, it became known that Wilshire Phoenix will launch a fund for investment in Bitcoin, focused on institutional investors.

On Monday, the SEC also postponed again the decision on the VanEck and SolidX application for Bitcoin ETFs. The SEC may postpone the decision once more until October 18, but this deadline is final and the Commission will have to either approve or reject the application.

Author: Marko Vidrih