SEC Restarts Clock on Proposed 'Bitcoin and T-Bills' ETF

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The U.S. Securities and Exchange Commission is again soliciting comments on a proposed exchange-traded fund 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.

Unlike in the original 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.

The amended rule change proposal also notes that CME and Intercontinental Exchange provide bitcoin futures products in the U.S., rather than CME and Cboe.

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

"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."

The amendment filed on Oct. 4 "Replaces and supersedes" the original filing "In its entirety," Tuesday's notice said.

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.

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