Wilshire Phoenix and NYSE Arca’s Bitcoin ETF proposal decision has been delayed

The U. S. Securities and Exchange Commission (SEC) has just started gathering comments on the latest Bitcoin exchange-traded fund (ETF) proposal from Wilshire Phoenix and NYSE Arca from scratch.

According to the SEC, the companies want to amend some of their plans this month and this is why  SEC decided to restart the clock for the approval of the project.

So the main change is the fact that Coinbase Custody will now act as the official custodian of the asset and that it will confirm the amount of Bitcoin that is held by the company. This is  something that was not in the original filing with the SEC.

Another key part of the new filing addresses the question of market manipulation. This was one of the SEC’s reasons for rejecting the Bitwise proposal earlier in the month.

As of now, the public has 21 days to submit comments about the new  ETF.  Then the  SEC has 45 days to reject the proposal or  approve it. They can also ask for an extension, which is what generally what’s happened so far.

The reason for the refiling was the fact that these new elements are more important than the date of the original filing and with them now added the chance of success is seen to be higher.