Securities
Mar. 18, 2020
SEC’s current leadership rejects yet another Bitcoin ETF with strong dissent for change
On Feb. 26, the SEC disapproved a proposal by the NYSE Arca exchange to list and trade the United States Bitcoin and Treasury Investment Trust, sponsored by Wilshire Phoenix Funds, LLC. This decision follows the SEC’s 2018 decision to disapprove trading in the Winklevoss Bitcoin Trust, and its 2019 decision to disapprove trading in the Bitwise Bitcoin ETF Trust.
Lilya Tessler
Partner
Sidley Austin LLP
The U.S. Securities and Exchange Commission has never approved for trading on a U.S. securities exchange a proposed exchange-traded fund that would allow retail investors to invest indirectly in bitcoin or any other cryptocurrency. On Feb. 26, the SEC disapproved a proposal by the NYSE Arca exchange to list and trade the United States Bitcoin and Treasury Investment Trust (the “Bitcoin/Treasury” ETF), sponsored by Wilshire Phoenix Funds, LLC. This decision follows the...
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