The U.S. Securities and Exchange Commission (SEC) has begun proceedings to determine whether it should approve a proposed bitcoin exchange-traded fund (ETF).
According to a public filing published Tuesday, the SEC has begun evaluating the proposed rule change to allow NYSE Arca to list and trade shares of Wilshire Phoenix’s Bitcoin and Treasury Investment Trust. The companies first filed the rule change proposal in May.
The ETF would give investors exposure to both bitcoin and U.S. Treasury bonds. The SEC listed a number of questions for the general public, including what individuals think of the suggestion that the CME bitcoin reference rate is not susceptible to manipulation.
The SEC began taking comments on the proposal in June, and records show that only six individuals have submitted responses, both in support of and against allowing a bitcoin ETF.
(One comment appears exasperated with the process, with an anonymous submitter writing only, “FOR GOD SAKE just approve this bitcoin etf — THIS IS BEEN GOING ON FOREVER…”)
According to another public filing, Wilshire Phoenix executives, NYSE Arca employees and members of the Seward & Kissel law firm met with SEC staffers earlier in September.
The SEC faces a final deadline to approve or disapprove a bitcoin ETF proposed by Bitwise Asset Management in the middle of October.
The company has filed a number of reports with the SEC in an effort to convince the regulator that the bitcoin market is mature enough to support such a product. It remains unclear whether the regulators are convinced of this fact, however.