The US Securities and Exchange Commission (SEC) has delayed its final verdict on the Bitcoin exchange-traded fund (ETF) that is backed by investment firm Wilshire Phoenix.
The rule change proposal, which was originally filed back in May, is currently being evaluated by the US regulatory watchdog.
Solving the volatility problem
The Wilshire Phoenix ETF stands out among the rest of the proposals given that it would offer exposure to both Bitcoin and US Treasure bonds. This synergy is supposed to make this investment vehicle less volatile, which is supposed to open the road to the long-awaited approval.
As reported by U.Today, price fluctuations remain the main impediment to green-lighting a Bitcoin ETF, according to SEC Chairman Jay Clayton.
The last one standing
It is worth mentioning that the SEC is yet to voice its decision on the Bitwise proposal, but the clock is already ticking. The deadline for the Bitwise ETF is set for Oct. 14.
VanEck and SolidX recently left the ETF race after launching a Bitcoin trust that enjoyed a very lukewarm reception from investors.