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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin technical analysis: BTC/USD odds of a rally to $14,000 before December 31

Bitcoin is lethargic above $8,700 but $9,000 must be broken for bulls to have a clear path of sight leading to $10,000. The descending channel resistance has been tested numerously. A break above this channel could finally place Bitcoin in trajectory towards $14,000.

More Bitcoin News

Monero analysis: XMR/USD breaks out from the rest, gains 2% on Wednesday

Monero is arguably the biggest single-digit gainer among the major cryptocurrencies on Wednesday. In a gloomy crypto market, XMR is posting at least a 2% growth on the day. The Asian trading session was characterized by bullish muscle-flexing which ...

More Monero News

Litecoin technical analysis: LTC/USD inclines towards the beckoning $50 level

Litecoin is trading above a long-term descending trendline resistance but $70 hurdle remains unconquered. LYC/USD continues to battle bearish pressure in a bid to stay above $60. The formation of a rising wedge ...

More Litecoin News

ETH/USD keeps trending horizontally in a narrow $11-range

ETH/USD daily chart keeps trending horizontally in a narrow $11-range between $191 and $180. Currently, Ethereum is priced at around $185.85 and is floating above the SMA 20 and SMA 50 curves.

More Ethereum News


Bitcoin Weekly Forecast: Bulls wasted their chance

Bitcoin has been oscillating in a depressingly tight range since the beginning of November. Vanishing volatility makes it harder to engineer a decisive breakthrough from the range. 

Read the weekly forecast