After facing a rejection of its proposed exchange-traded product (ETP) in March, investment firm Wilshire Phoenix has filed a proposal for another publicly traded bitcoin fund with the Securities Exchange Commission (SEC).
The firm filed an S-1 registration statement Bitcoin Commodity Trust dated June 12.
Wilshire Phoenix previously sought approval for a bitcoin ETP that hedged bitcoin against U.S. Treasury bills. This approach was a response to the volatility concerns cited in other SEC denials of crypto ETPs, the firm said last year, at the time of filing. That attempt was denied in March of this year, when the SEC rejected the last remaining bitcoin ETP proposal.
Now, Wilshire Phoenix seems to be taking another stab at approval. The filing states that this trust “will have no assets other than bitcoin,” but may also hold U.S. dollars for short periods related to the buying and selling of bitcoin, redemptions and fees.
Fidelity Digital will custody the Trust’s bitcoin, while any dollars will be held by UMB Bank.
The SEC has yet to approve a bitcoin ETP, with previous attempts from Bitwise and the Winklevoss brothers failing to garner approval.
After the Wilshire Phoenix rejection in March, SEC Commissioner Hester Peirce published a dissent that argued the SEC has applied an “inappropriate standard” in its consideration of a bitcoin ETP. At the time of rejection, the firm said it was considering “all possible routes” as it reviewed the rejection order.
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Wilshire Phoenix files a registration statement for another bitcoin ETP written by Aislinn Keely @ https://www.theblockcrypto.com/linked/68214/wilshire-phoenix-bitcoin-etp-another?utm_source=rss&utm_medium=rss June 14, 2020 Aislinn Keely