Dem Presidential Hopefuls Are Starting to Sound a Lot Like Andrew Yang

6m
cryptonewmedia

Lebanon Banks in a Panic, Bitcoin Could Serve as Rescue

6m
beincrypto

US SEC Takes Another Look at Rejected Bitwise Bitcoin ETF Proposal

7m
cointelegraph

U.S. Gov’t Extradites Alleged Fraudster for Selling Fake Securities for $11 M in BTC

35m
cryptonewmedia

Ethereum’s Price Gives the Dai Stablecoin Stability

1h
nulltx

Libra Testnet Surpasses 50,000 Transactions Since September Launch

2h
cryptocurrencynews

Make No Mistake, Crypto is Still Hated by Beijing Despite Bullish...

2h
newsbtc

Kanye West & Kim Kardashian Are Gunning for the White House in 2024

2h
cryptonewmedia

China’s Mobile Payments Show ‘Why Bitcoin Will Succeed’

2h
beincrypto

Crypto Markets Continue to Drop, Bitcoin Briefly Slips Below $8,200

2h
cointelegraph

The Commodity/Cryptocurrency Evolution is Upon Us

2h
bitcoinwarrior

Ethereum (ETH) Likely To Enter A New Bear Trend Against Bitcoin (BTC)

3h
cryptodaily

Spanish Financial Watchdog Warns Against Unregulated ICO Scheme

3h
cointelegraph

Biggest Bitcoin Mempool Since January 2018 Cleared in Only 2 Days

3h
bitcoinnews

Udi Wertheimer: TRON Will Soon Overpower Ethereum

3h
livebitcoinnews

Bitcoin Futures Options: Movement and market impact in 2020

3h
bitcoinwarrior

Venezuela's Petro Has Over 27,000 ‘Affiliated Businesses’, Nicolas Maduro Claims

3h
cryptoglobe

Best Bitcoin Debit Cards – Complete Guide for 2019

3h
bitcoinwarrior

Bitcoin vs Ripple: Who will stand the test of time?

4h
bitcoinwarrior

LocalEthereum Shifts Focus to Additional Currencies Under the LocalCryptos Banner

4h
nulltx

Bitcoin adoption in these industries would boost 2020

4h
bitcoinwarrior

LocalBitcoins enters Finland under FSA KYC policy

4h
bitcoinwarrior

Analysts: Bitcoin to Target Lower-$8,000 Region Before Next Rally...

4h
newsbtc

XRP Fails To Rally As Ripple Scores Another Huge Remittance Deal; What’s Next For XRP Price?

4h
zycrypto

Researcher Breaks Grin’s ‘Privacy’ Spending Just $60 Per Week

4h
cointelegraph


SEC Restarts Clock on Proposed ‘Bitcoin and T-Bills’ ETF

coindesk

1mon ago

The U.S. Securities and Exchange Commission (SEC) is again soliciting comments on a proposed exchange-traded fund (ETF) based around bitcoin and Treasury bonds.

According to a public filing published Tuesday, investment management firm Wilshire Phoenix and NYSE Arca filed an amendment to their ETF proposal earlier this month to address issuance and redemption for the securities and the listing/trading of the fund’s shares.

Coinbase Custody will act as the custodian for the bitcoin held by the trust, according to the filing. Tuesday’s notice says Coinbase will provide attestations confirming the amount of bitcoin it holds within five business days of the trust’s monthly rebalancing, adding a detail not present in the original filing.

The amended rule change proposal also notes that CME and Intercontinental Exchange (ICE) provide bitcoin futures products in the U.S., rather than CME and Cboe. The latter company wound down its futures product earlier this year.

Later on, the filing seemingly addresses the SEC’s concerns with potential market manipulation in the cryptocurrency space.

“The Sponsor notes that, in connection with the Commission’s analysis of whether a market is inherently resistant to manipulation, the Commission has in certain circumstances focused not on the market as a whole but instead on the significant subset of the market that has a meaningful impact on the particular ETP [exchange-traded product],” the filing says, adding:

“For instance, orders approving listing applications of ETPs that invest in gold bullion focused on the spot and futures market, even though gold is traded on a number of different market segments. Focusing on the spot market is appropriate because the spot market is the market to which the particular ETP would look to determine its [net asset value].”

The amendment filed on Oct. 4 “replaces … and supersedes” the original filing “in its entirety,” Tuesday’s notice said.

The SEC first kicked off the comment period for Wilshire Phoenix’s proposal in June, before announcing in late September that it was evaluating the proposal.

According to the filing, members of the public must submit comments within 21 days of the notice’s publication in the Federal Register. The SEC has 45 days after the filing’s publication in the Register to make an initial decision, but can extend that timeframe if it chooses to do so.

Tuesday’s filing follows the SEC’s decision to reject a bitcoin ETF proposal filed by Bitwise Asset Management, also working with NYSE Arca. The regulator cited concerns about market manipulation and a lack of surveillance-sharing agreements as an issue in its rejection.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments