The U.S. Securities and Exchange Commission (SEC) is again soliciting feedback on a projected exchange-traded fund (ETF) based mostly round bitcoin and Treasury bonds.

According to a public submitting exhibitionistic Tuesday, funding administration agency Wilshire Phoenix and NYSE Arca filed an modification to their ETF proposal earlier this calendar month to deal with issue and redemption for the securities and the itemizing/buying and marketing of the fund’s shares.

Coinbase Custody will act because the custodian for the bitcoin held by the belief, in keeping with the submitting. Tuesday’s discover says Coinbase will present attestations confirming the measure of bitcoin it holds inside 5 enterprise days of the belief’s calendar month-to-calendar month rebalancing, including a element not current inside the authentic submitting.

The amended rule change proposal additionally notes that CME and Intercontinental Exchange (ICE) present bitcoin futures merchandise inside the U.S., reasonably than CME and Cboe. The last mentioned firm wound down its futures product earlier this yr.

Later on, the submitting on the face of it addresses the SEC’s issues with potential market manipulation inside the cryptocurrency area.

“The Sponsor notes that, in connection with the Commission’s analysis of whether amarket is inherently resistant to manipulation, the Commission has in certain circumstancesfocused not on the market as a whole but instead on the significant subset of the market that hasa meaning impact on the particular ETP [exchange-traded product],” the submitting says, including:

“For instance, orders approving listing applications ofETPs that invest in gold bullion focused on the spot and futures market, even though gold istraded on a number of different market segments. Focusing on the spot market is appropriatebecause the spot market is the market to which the particular ETP would look for determine its [net plus value].”

The modification filed on Oct. 4 “replaces … and supersedes” the unique submitting “in its entirety,” Tuesday’s discover stated.

The SEC first kicked off the remark interval for Wilshire Phoenix’s proposal in June, earlier than declarative in late September that it was evaluating the proposal.

According to the submitting, members of the general public should submit feedback inside 21 days of the discover’s publication inside the Federal Register. The SEC has 45 days after the submitting’s publication inside the Register to make an preliminary determination, still can prolong that timeframe if it chooses to take action.

Tuesday’s submitting follows the SEC’s determination to reject a bitcoin ETF proposal filed by Bitwise Asset Management, additionally working with NYSE Arca. The governor cited issues about market manipulation and a scarceness of surveillance-sharing agreements as a difficulty in its rejection.