In a filing published today, the U.S. Securities and Exchange Commission is requesting more time to make a decision on a pending Bitcoin exchange-traded fund (ETF) proposal first filed in May. The proposed rule change would allow NYSE Arca to list and trade shares of Wilshire Phoenix’s Bitcoin and Treasury Investment Trust.
According to the document,
“The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’ and ‘to protect investors and the public interest.’”
The SEC further notes,
“Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.”
The Commission says its seeking more public comments on several questions that are primarily focused on market manipulation.
Requests for comments on the following issues
Unlike prior Bitcoin ETF proposals, the Wilshire Bitcoin ETF is billed as “less volatile” and would hold Bitcoin, short-term US Treasury bills and US dollars.
Public comments initially opened in May. A total of six are currently on record with the most recent comment logged on July 17.
The SEC is now legally obligated to make a final decision in 35 days and is currently seeking more comments on the proposal via snail mail in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090; via email to rule-comments@sec.gov with File Number SR-NYSEArca2019-39 on the subject line and via its online form.
You can check out the filing here.
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