SEC Begins Proceedings On Wilshire Phoenix Bitcoin Exchange-Traded Fund

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 O.K. or disO.K. the projected rule change, which power 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 overt inside the Federal Register on July 1, 2019. Rebuttals to these feedback had been due 35 days after they had been overt inside the Federal Register.

Only six people had submitted feedback on the projected Bitcoin ETF rule change, in line with the SEC’s website.

The SEC has not accepted or distinct on any Bitcoin ETFs to at the present time. The U.S. governor has in the to the last degree multiplication been direct about their considerations with market manipulation, liquidity, medium of exchange crime and different points as causes for his or her delay.

In August, the SEC delayed its resolution on whether or not to extra delay or provoke proceedings on Wilshire Phoenix’s ETF proposal till Sept. 29.

U.S. Congressional hearing to with SEC

Earlier in the present day, the U.S. House of Representatives Committee on Financial Services held a hearing to entitled “Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat.” At the hearing 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.

SEC Begins Proceedings On Wilshire Phoenix Bitcoin Exchange-Traded Fund

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Patricia Bakely

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