Wilshire Phoenix and NYSE Arca have changed their bid to reflect previous Commission denials. If the regulator approves the launch of an investment instrument, Coinbase will be responsible for storing bitcoin assets and monthly reporting on their availability
Wilshire Phoenix Investment Management Company and NYSE Arca have filed an amendment to their offer for Bitcoin-ETF with the US Securities and Exchange Commission, reports Cointelegraph. According to the amended proposal, Coinbase Custody will not only be instructed to maintain “storage of bitcoin assets in a cold storage”, but the company will also confirm the availability of assets within five days after each monthly rebalance.
Wilshire Phoenix noted in its amendment that the regulation for approved gold ETFs is focused on spot and futures markets. The company suggests using the same approach in Bitcoin ETFs, taking the base rate of the first CME CF cryptocurrency to determine the value of net assets.
Last week, the US Securities and Exchange Commission (SEC) refused Bitwise Asset Management to launch a Bitcoin-ETF. The main reason for the negative decision of the financial regulator was doubts about the possibility of manipulation in the digital money market.