SEC Now Accepting Public Comments on ETF Backed by Bitcoin and T-Bills

Proposals for exchange-traded fund (ETF) backed by bitcoin and Treasury bills have been on the table of the U.S. Securities and Exchange Commission for quite a while. Finally, the regulator is kicking off the public comment period which could be a step forward for many approvals to come.
The regulator has already commenced assessment on a number of other ETF rule change proposals, none of which has been approved. The most notable application submissions were from Bitwise Asset Management (with NYSE Arca) and VanEck/SolidX (with Cboe Global Markets). For both proposals, the SEC had extended its deadline a few times, and its next actions concerning them are anticipated in mid-July.
On Tuesday 24th June the SEC announced the beginning of a 21-day public comment period via a published rule change proposal which would allow Wilshire Phoenix Funds to list shares of the ETF on the NYSE Arca exchange. The regulator has not published the document in the Federal Register as it should before the comment period begins, but they are already being accepted.
Last month, Wilshire Phoenix and NYSE Arca had applied for the rule change proposal in a bid to offer shares in the United States Bitcoin and Treasury Investment Trust. According to the partners on this, the oversight functions for the trust would be done by a fund manager to ensure the investing exclusively in bitcoin and short-term U.S. Treasury securities.
The SEC has 45 days from the filing’s publication in the Federal Register to make an initial decision, though it can extend this to 90 days, all according to the U.S. law.

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Credits – Nikhilesh De

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