The U.S. Securities and Exchange Commission (SEC) has postponed the examination of the application for a Bitcoin ETF of the company Wilshire Phoenix. The Trust of Wilshire Phoenix should allow investors to invest without the risk of volatility in Bitcoin. The decision to fall in mid-October.
From Stefan Schäfges
On the 25. September 2019BTC$8.423,53 -12.11%part Facebook Twitter LinkedIn xing mail
According to a release from the 24. In September, the U.S. securities and exchange Commission SEC in order to evaluate the rule changes to the Bitcoin ETF application from Wilshire Phoenix, and therefore their decision to re-moved. The Bitcoin and Treasury Investment Trust company Wilshire Phoenix, it should allow investors to invest in Bitcoin, US Dollar and US Treasury bills. The SEC is now considering Changes to allow for a possible listing of the Wilshire Trust at the NYSE Arca. In the case of Wilshire, Phoenix is a US investment company with its headquarters in New York. The NYSE Arca is a subsidiary of the New York Stock Exchange Group.
diversification to reduce volatility
The Trust of Wilshire Phoenix is to invest in contrast to other Bitcoin ETF proposals in Bitcoin, US Dollar and short term US Treasury bills. Through this diversification, the company would like to reduce the overall volatility. According to the publication of the rule change:
investors Should have the opportunity to invest through the Trust, more efficient, more convenient, and less volatile, than if you buy it independently of Bitcoin.
The first rule change of the application has already been filed in may.
Is a successful Bitcoin ETF even possible?
The postponement of the ETF request of Wilshire, Phoenix joins a series of unsuccessful Bitcoin ETF applications. The SEC, for example, prior to a final deadline of mid-October, to decide on a proposed Bitcoin ETF from the Bitwise Asset Management.
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The SEC to open up-chair Jay Clayton:
The Bitcoin market has made steps to maturity, but there is still work to up a Bitcoin ETF could be approved.
Already the middle of September, BTC was reported by the ECHO, about the recent SEC-dissipation to VanEck and SolidX. VanEck and SolidX have the joint request, for the VanEck/Solid Bitcoin ETF on 13. September, without giving reasons, withdrawn. This was also set in mid-October as the deadline.
In the case of Wilshire, Phoenix, the SEC now has a legal obligation to take, within 35 days of a decision.
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