NYSE Arca has published Bitwise

The new details of the exchange Bitcoin Fund (ETF), previously proposed by the investment fund Bitwise Asset Management and the NYSE Arca Stock Exchange, have become known , reports CoinDesk .

Bitwise submitted a Bitcoin-ETF launch application to the US Securities and Exchange Commission (SEC) earlier in January. As the company said then, NYSE Arca will soon publish a proposal for amending rule 19b-4.

As is now known, this was done on the same day, but was not displayed on the SEC website, most likely due to the continuing Shatdaun in the United States. The document was published on the NYSE Arca website , but all this time was in the shadow.

When Bitwise announced a proposal to launch a Bitcoin ETF, the company noted that it differs from other similar initiatives, since it involves the participation of a qualified third-party custodian of bitcoins. It was also stated that an index determining the price of an asset would be formed on the basis of data from a large number of exchanges, including futures markets, both spot and physical delivery.

The published proposal concerns, among other things, the index formation methodology. For example, preference will be given to prices from exchanges with higher trading volumes in the previous hour.

"The exchange believes that the proposed rule change is structured in such a way that it will help prevent fraudulent and manipulative actions and practices, protecting investors and public interest," the document says.

The NYSE Arca offer also raises concerns about the regulator’s concern about the impact of manipulations on the Bitcoin market.

“Taking into account the interchangeable nature of Bitcoin, the supplier of the index believes that the potential impact on its value on individual exchanges facing external manipulations with the stated volumes or prices is leveled by the fact that data on prices and volumes are taken from a large number of exchanges.”

It should be noted that at the moment, while in the United States, the shatdown continues – the suspension of the work of state institutions due to the delay in adopting the country's budget at the end of December 2018 – the SEC is not able to set the final date by which it should decide on this proposal.

Shatdaun also influenced plans for VanEck and SolidX, whose application to launch Bitcoin-ETF was withdrawn earlier this week. Later, VanEck CEO Jan Van Eyck said that after the resumption of normal work of state institutions, the application would be filed again.

And it is possible that this may happen soon enough: according to the latest reports , US President Donald Trump may announce an agreement today that will allow institutions to resume work for three weeks.

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