Wilshire Phoenix and NYSE Arca have updated their application for Bitcoin ETFs and now the US Securities and Exchange Commission (SEC) is again collecting public comments on this.
In a new application
It is noted that Coinbase Custody will act as a custodial service for storing assets. But, unlike the previous document, the rules are now prescribed according to which Coinbase Custody will confirm the availability of assets for the trust within five days after the monthly balancing.
The authors of the document note that when approving the application for the launch of gold ETFs, the SEC focused on the futures and futures markets, although this product was also traded on other markets. A similar approach should be used with respect to Bitcoin ETFs.
“Since CME CF BRR (Underlying Asset Evaluation Index) is determined solely on the constituent platform, the Sponsor supporting the market must determine whether this market is subject to manipulation. For this, an independent analysis of the methodology is used, which will confirm the Sponsor’s statement that CME CF BRR is not subject to manipulation, ”the document says.
An updated application was submitted on October 4 and completely cancels the previous version of the document, the consideration of which the SEC has postponed from June this year. The last time about the postponement became known at the end of September.
According to the founder and CEO of BKCM cryptocurrency investment company Brian Kelly, at the moment the industry does not need traded exchange-traded funds (ETFs) for bitcoin.
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