Altcoin News: SEC Requests Further Comments Regarding Wilshire Phoenix Bitcoin ETF

September 25, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The U.S. Securities and Exchange Commission (SEC) has postponed a decision on a proposal by the NYSE Arca to amend the rules, which, if approved, will allow the listing of the Wilshire Phoenix investment trust, which includes US Bitcoin and US Treasury bonds.

To further evaluate the proposal, the SEC wishes to receive additional comments from the general public. The regulator indicates a number of issues of interest to them, the main one of which is the problem of market manipulations.

Wilshire originally filed the application in May, and SEC opened the collection of comments in June, so far it has received just six appeals, both in support of and against the ETF.

According to a separate publication, Wilshire executives, representatives of NYSE Arca and Seward & Kissel law firm met with SEC staff in early September.

The Wilshire Phoenix tool is positioned as a “less volatile” variation of the Bitcoin ETF compared to other companies’ offers, as its assets will include traditional assets in its basket along with cryptocurrency.

SEC decision about Wilshire Phoenix ETF must be made within 35 days. Also, by mid-October, the regulator should say the last word regarding the application for the launch of the Bitwise Asset Management Bitcoin ETF.

Author: Marko Vidrih