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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.
