In an unsurprising move for most, the U.S. Securities and Exchange Commission (SEC) has delayed its decision on the proposed exchange-traded fund (ETF) by Wilshire Phoenix.
The Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to Amend NYSE Arca Rule 8.201-E was filed Tuesday and used to determine the outcome of Wilshire Phoenix’s Bitcoin and Treasury Investment Fund.
If successful, the ETF would provide exposure for its investors to bitcoin and U.S. Treasury bonds, but this will have to wait at least another 35 days in which the SEC has legally mandated a decision be made by.
The SEC has now opened a window of consideration where they have asked for comments from the public on the questions they have posed. Of these questions, the SEC has asked what individuals think of the suggestion that the CME bitcoin reference rate is not susceptible to manipulation. There remains an undertone that an ETF approval still has the potential to expose potential investors to an under-regulated market.
Initial comments on the proposal were taken in June, in reply only six individual comments were noted which showed a mix of submissions for and against the proposal. Obviously fed up with the long-standing and prevailing stance of the SEC, one anonymous submission stated ‘FOR GOD SAKE just approve this bitcoin etf — THIS IS BEEN GOING ON FOREVER…’
The next crypto related ETF deadline decision is due the middle of October when the SEC is expected to make its final decision of the Bitwise Asset Management proposal. The VanEck and SolidX proposal decision was also expected around this time but the join proposal was pulled by its owners following two previous delayed decisions by the SEC.