The United States Securities and Exchange Commission (SEC) has initiated proceedings concerning the Wilshire Phoenix Bitcoin (BTC) exchange-traded fund (ETF) proposal.
According to a Sept. 24 public filing, the SEC began proceedings to find out whether or not to approve or disapprove the proposed rule change, which might enable NYSE Arca to record and commerce shares of Wilshire Phoenix’s Bitcoin and Treasury Investment Trust.
Public feedback
In in the present day’s submitting, the SEC notes that it had invited the general public to share its feedback which had been due 21 days from when the order was revealed within the Federal Register on July 1, 2019. Rebuttals to these feedback had been due 35 days after they had been revealed within the Federal Register.
Only six people had submitted feedback on the proposed Bitcoin ETF rule change, in line with the SEC’s website.
The SEC has not accepted or decided on any Bitcoin ETFs to at the present time. The U.S. regulator has at all times been upfront about their considerations with market manipulation, liquidity, monetary crime and different points as causes for his or her delay.
In August, the SEC delayed its resolution on whether or not to additional delay or provoke proceedings on Wilshire Phoenix’s ETF proposal till Sept. 29.
U.S. Congressional listening to with SEC
Earlier in the present day, the U.S. House of Representatives Committee on Financial Services held a listening to entitled “Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat.” At the listening to, lawmakers mentioned elements of the SEC’s competencies with Chairman Jay Clayton, Commissioner Hester Peirce (also called Crypto Mom) and three different SEC commissioners.
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