• Wed, 21 Aug 2019, 11:15 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

SEC to begin bitcoin ETF public discussions, ‘Crypto Mom’ gets her wish

Bitcoin.Max Pixel/Max Pixel

Thu, 27 Jun 2019, 00:26 am UTC

In a recent announcement, the U.S. Securities and Exchange Commission (SEC) is finally scheduling a public discussion of a possible exchange-traded fund (ETF) using bitcoin. This has been something that many traders and SEC Commissioner Hester Peirce (“Crypto Mom”) have been pushing for. By accepting public comments on the issue, it will become clear if the commission is still in touch with reality or is unreasonably prejudiced.

The SEC announced the move via a recent document filing where it was noted that it would begin accepting public input into the ETF proposal by Wilshire Phoenix Funds. The proposal basically involves listing the trade fund with the NYSE Arca exchange, which would effectively be using cryptocurrency. Filed last month, Wilshire Phoenix Funds is hoping for the swift approval of its initiative.

“According to the Registration Statement, Bitcoin will be held by the Bitcoin Custodian on behalf of the Trust, and T-Bills and U.S. dollars will be held by the Cash and Treasury Custodian on behalf of the Trust. The amount of Bitcoin and T-Bills held by the Trust will be determined by the Index. The Trust’s assets, other than Bitcoin, will consist of T-Bills to be purchased by the Cash and Treasury Custodian,” the document reads.

For her part, Peirce has been pushing the SEC to do exactly this for quite some time. She has even called the commission out on being so prejudiced against cryptocurrency, CCN reports.

“[The SEC has the attitude of] ‘I don’t like that marketplace. Bitcoin markets are messy, so we don’t like them. So we’re not going to allow that product that’s based on bitcoin to trade in our markets,'” she said.

This development should go a long way towards providing crypto traders with the hope that the industry will become more mainstream. If the SEC received enough positive feedback, this goal can finally be realized.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,139.60 (-5.10%)
  • Ethereum (ETH) $188.08 (-4.72%)
  • XRP (XRP) $0.264300 (-3.87%)
  • Bitcoin Cash (BCH) $300.26 (-5.79%)
  • Litecoin (LTC) $71.97 (-4.79%)
  • Bitcoin (BTC) $10,139.60 (-5.10%)
Aug 21, 2019 (Wednesday)
Thailand’s Siam Cement Group seeks to expand Corda-based ‘Procure to Pay’ solution to 2,400 suppliers by 2020
Crypto Technicals: BCH/USD rejected at cloud, violation at 200-DMA to open up downside
Blockchain settlement startup Fnality adds former UBS and IMF executives to management team
Austrian telecom giant A1 to offer cryptocurrency payment option
Japan's Amaten, Aelf to revolutionize gift card market using blockchain
Crypto Technicals: Monero (XMR) recovery falters at major trendline resistance, slips below cloud
Blockchain securities issuance platform iownit.us obtains approval from FINRA
Crypto Technicals: ETH/USD struggles to extend gains beyond $200 mark, bias bearish below 200-DMA
Square Crypto hires Blockstream co-founder Matt Corallo to boost bitcoin adoption
Commonwealth Bank of Australia develops blockchain-based marketplace and token to protect biodiversity
Crypto Technicals: Bitcoin fails to take out $11K mark, tumbles below 55-EMA support (10428)
EMURGO inks MOUs with South Korean trade associations to boost Cardano adoption
China may launch its central bank digital currency ahead of Facebook's cryptocurrency Libra
Winklevoss twins may partner with Facebook on cryptocurrency
Malta-based crypto exchange CGEX to shut down after less than a year of operation
Bank of America files patent for multi-tiered crypto wallet
Aug 20, 2019 (Tuesday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
HSBC inks agreement to tap Identitii’s blockchain-based information exchange platform ‘Overlay+’
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: XRP/USD fails at 21-EMA, resumes weakness with 'Doji' formation
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.