The Securities and Exchange Commission (SEC) of the United States has delayed yet another Bitcoin exchange-traded fund (ETF). This continues the trend of the commission delaying and rejecting multiple Bitcoin ETF proposals. Indeed, the SEC has never approved any Bitcoin-related ETF.

The Bitcoin-related ETF delayed this time is the Wilshire Phoenix ETF. Unlike past ETF proposals which included only Bitcoin, such as VanEck SolidX which has been delayed and rejected multiple times, the Wilshire Phoenix ETF includes both Bitcoin and United States treasury notes.

Treasury notes are essentially bonds backed by the government, and one of the most common investment vehicles. Perhaps it was thought that including treasury notes as a component of a Bitcoin ETF would give it more stability and a higher chance of being approved, but it seems the commission is not willing to approve it yet.

That being said, the Wilshire Phoenix ETF has not been rejected yet, only delayed, and there is therefore still a chance it will be approved in the future.

 

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