Meanwhile, on June 12, investment firm Wilshire Phoenix applied to the SEC for not an ETF a grantor trust, which has a different application process. However, like a crypto ETF, it allows for a publicly traded Bitcoin fund covered by the Securities Act of 1933 and the Securities Exchange Act of 1934. The SEC has already approved such a trust for Grayscale Investments.
James Angel, a professor at Georgetown University's McDonough School of Business, told Cointelegraph that getting a trust approved by the SEC is easier than getting an ETF approval "as long as you're disclosing everything, all the risk factors." Wilshire Phoenix's SEC S-1 form filing has "a totally different set of approvals" with a different set of bureaucrats casting judgment. He added: "I don't see that the SEC has legitimate means to turn it down."
