• Latest
The SEC Has Rejected Every Bitcoin ETF. This Firm Thinks It Has a Solution

The SEC Has Rejected Every Bitcoin ETF. This Firm Thinks It Has a Solution

November 7, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

The SEC Has Rejected Every Bitcoin ETF. This Firm Thinks It Has a Solution

coinnewsdaily by coinnewsdaily
November 7, 2019
in Business
0
The SEC Has Rejected Every Bitcoin ETF. This Firm Thinks It Has a Solution
191
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

One company thinks it knows how to get a bitcoin exchange-traded fund (ETF) approved by U.S. regulators.

Wilshire Phoenix, a relatively young financial firm in New York, filed to launch the United States Bitcoin & Treasury Investment Trust ETF in May with NYSE Arca. At that point, a dozen bitcoin ETF proposals had already been swatted down by the U.S. Securities and Exchange Commission (SEC) – including nine in one day. But unlike other ETF applications, Wilshire Phoenix’s ETF will invest in both bitcoin and U.S. Treasury securities, commonly referred to as T-bills.

The SEC is currently reviewing the application.

“Our proposed bitcoin-related ETF is quite different from those that have previously been submitted to the Commission for approval,” Wilshire Phoenix founder and managing partner William Herrmann said in a phone interview. “To name just a few distinctions, the composition of the Trust is very different. Our Trust is a multi-asset trust (bitcoin and T-Bills), as opposed to just bitcoin.”

The SEC has long been hesitant to approve an ETF with exposure to digital assets, citing the market’s relatively young age and the possible risks to investors. The agency has rejected a number of proposals, while other applicants have proactively withdrawn their filings.

Herrmann says the Wilshire ETF has several mechanisms to address these concerns.

The Trust itself will automatically rebalance itself monthly to address possible concerns about bitcoin’s price volatility, Herrmann explained. Essentially, if bitcoin’s price volatility increases, the index will reduce its exposure to the cryptocurrency and instead increase its exposure to Treasury bills. As bitcoin’s volatility falls, the opposite occurs.

The weighting will be transparent, with the index being shown on Bloomberg and Thomson Reuters portals, he said.

The CME’s Bitcoin Reference Rate will provide the data for bitcoin’s price in the Trust, rather than use an in-house price method “or one from any related party,” he added.

Wilshire Phoenix is also hoping to address SEC concerns about market manipulation by using a surveillance sharing agreement, one component the regulator stressed was needed when rejecting a recent bitcoin ETF application. Herrmann said:

“The CME has surveillance sharing agreements with both the CME futures market as well as the relevant portion of the spot market that forms the basis for the Trust’s bitcoin values. This addresses the SEC concerns about the lack of surveillance sharing agreements with the relevant spot market, which is something previous applicants have not been able to address.”

Most recently, the SEC denied Bitwise Asset Management’s fund. In a whopping 112-page order published Oct. 9, the regulator said surveillance-sharing agreements were necessary and market manipulation remains a real concern.

As recently as September, SEC Chairman Jay Clayton said that while progress has been made in the space, the market manipulation question had not been resolved.

For Wilshire Phoenix’s proposal, the SEC began accepting comments on the proposal in June, though a final decision is still months away. The agency is currently accepting comments on the proposal through Nov. 12, 2019.

Herrmann is optimistic about the ETF proposal’s chances, saying “we developed the ETF consistent with investor protection as well as fair, orderly and efficient markets.”

SEC image via Shutterstock

Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet48
Previous Post

Russia Wants to Be Able to Seize Cybercriminals’ Bitcoin

Next Post

Tassat Is One Step Closer to Offering Crypto Derivatives With CFTC Approval

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
Tassat Is One Step Closer to Offering Crypto Derivatives With CFTC Approval

Tassat Is One Step Closer to Offering Crypto Derivatives With CFTC Approval

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$22,859.00-0.60%
  • ethereumEthereum(ETH)$1,627.01-0.45%
  • tetherTether(USDT)$1.000.10%
  • binancecoinBNB(BNB)$325.84-0.61%
  • rippleXRP(XRP)$0.392914-2.55%
  • cardanoCardano(ADA)$0.384026-3.33%
  • dogecoinDogecoin(DOGE)$0.090309-2.53%
  • matic-networkPolygon(MATIC)$1.210.38%
  • okbOKB(OKB)$44.04-1.75%
  • solanaSolana(SOL)$22.90-3.03%
  • shiba-inuShiba Inu(SHIB)$0.0000140.38%
  • polkadotPolkadot(DOT)$6.55-2.77%
  • litecoinLitecoin(LTC)$96.47-0.38%
  • tronTRON(TRX)$0.064097-0.58%
  • daiDai(DAI)$1.000.08%
  • cosmosCosmos Hub(ATOM)$14.25-3.00%
  • chainlinkChainlink(LINK)$6.91-1.44%
  • leo-tokenLEO Token(LEO)$3.38-5.26%
  • ethereum-classicEthereum Classic(ETC)$22.30-2.66%
  • moneroMonero(XMR)$165.30-0.82%
  • bitcoin-cashBitcoin Cash(BCH)$131.89-1.83%
  • stellarStellar(XLM)$0.089577-2.05%
  • crypto-com-chainCronos(CRO)$0.080753-0.96%
  • filecoinFilecoin(FIL)$5.20-2.87%
  • algorandAlgorand(ALGO)$0.256935-1.33%
  • vechainVeChain(VET)$0.024075-1.26%
  • internet-computerInternet Computer(ICP)$5.49-3.29%
  • aaveAave(AAVE)$84.86-1.80%
  • eosEOS(EOS)$1.06-2.42%
  • elrond-erd-2MultiversX(EGLD)$44.04-3.44%
  • theta-tokenTheta Network(THETA)$1.08-1.32%
  • tezosTezos(XTZ)$1.15-3.05%
  • paxos-standardPax Dollar(USDP)$0.99-0.43%
  • huobi-tokenHuobi(HT)$5.53-0.94%
  • havvenSynthetix Network(SNX)$2.838.88%
  • bitcoin-cash-svBitcoin SV(BSV)$42.46-4.04%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.470.81%
  • dashDash(DASH)$62.974.97%
  • iotaIOTA(MIOTA)$0.241016-1.34%
  • makerMaker(MKR)$700.24-0.53%
  • neoNEO(NEO)$8.72-1.53%
  • zcashZcash(ZEC)$43.96-1.16%
  • zilliqaZilliqa(ZIL)$0.029101-0.25%
  • basic-attention-tokenBasic Attention(BAT)$0.275632-4.61%
  • nemNEM(XEM)$0.0412560.61%
  • compound-governance-tokenCompound(COMP)$52.34-1.10%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$35.35-2.42%
  • bitcoin-goldBitcoin Gold(BTG)$17.18-0.31%
  • qtumQtum(QTUM)$2.81-0.60%
  • sushiSushi(SUSHI)$1.45-0.45%
  • wavesWaves(WAVES)$2.67-0.79%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • golemGolem(GLM)$0.253039-3.44%
  • yearn-financeyearn.finance(YFI)$7,533.26-1.49%
  • omisegoOMG Network(OMG)$1.65-4.57%
  • ontologyOntology(ONT)$0.230400-0.95%
  • digibyteDigiByte(DGB)$0.010487-1.49%
  • umaUMA(UMA)$2.090.14%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%