Bitcoin ETF: The U.S. securities and exchange Commission accepted comments for a request to the investors awaited the OTC Fund, the largest Cryptocurrency according to market capitalization (BTC). The request comes from the US company Wilshire Phoenix, and responds to the concerns of the SEC.
By Phillip Horch
16. October 2019BTC$8.587,15 15.26%part Facebook Twitter LinkedIn xing mail
It’s been a week since the Securities and Exchange Commission (SEC) has granted the last request for a Bitcoin Exchange Traded Fund (ETF) is a dissipation. On 9. October, the U.S. securities and exchange Commission on 112 pages argued that the infrastructure in the Blockchain Ecosystem, for sure enough to approve a Bitcoin ETF. The Bitwise-request is not the last of the ETF would be on the desks of the SEC, was to be expected.
the U.S. securities and exchange Commission on may 15, has. October Update to the Wilshire Bitcoin ETF published. Accordingly, the Investment Management firm Wilshire Phoenix, as well as the New York Stock Exchange Arca (NYSE Arca) the „changed circumstances“ in its application of 12. June 2019 included. The companies, among other things, the concerns raised by the SEC with respect to a Bitcoin price Manipulation.
Wilshire Phoenix wants to secure Bitcoin-price-Index, use
Unsafe data to the Bitcoin exchange rate were one of the main reasons why the SEC rejected the last request for a BTC ETF. To concerns to concerns Wilshire Phoenix on an already authorised product: the Bitcoin Futures, the Chicago Mercantile Exchange (CME). To Wilshire Phoenix plans to obtain the data for the Bitcoin-rate of the data-BTC Futures on the CME to.
This price index for November 2016 and collects data from different trading venues for crypto currencies, so as to form a reliable Index for the Bitcoin market price. Here, the Index refers to only as „relevant transactions“, factors such as Wash Trading and price manipulation, one wants to exclude this. It is said in the application:
[We][…] are of the view that the [Bitcoin price index manipulation is the CME, in principle, sure. In addition, are […] important regulated members for trading Bitcoin derivatives, members of the Intermarket Surveillance Group (ISG) and the Financial Industry Regulatory Authority (FINRA) to be able to communicate in the name of the Exchange with those markets, if it is for the market surveillance is necessary.
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to instruct For the storage of the BTC Wilshire Phoenix, the crypto-plans-Depositary Coinbase. The company must then, according to the application always prove that the BTC are also available.
what are the chances for the Wilshire Phoenix, ETF?
The chances of getting approval for a Bitcoin ETF will improve with each application. Since the SEC is like the last, in the case of Bitwise detailed explanations to your concerns, and can respond to new applicants on it. So also in the present case. The Trick of Wilshire Phoenix, to work with an existing Index for the Bitcoin course, could bring the application, at least a bit closer to the goal.
ETF and Bitcoin-rates
parts of the crypto Community have high expectations in a BTC ETF. The admission of ETFs, it is hoped, would facilitate access of a wider audience in the world of crypto-currencies. With a growing demand, so the more hope would also increase the price of Bitcoin. The range is finally limited because of the regular shortage of supplies („Halving“) is the supply of BTC is limited.
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