The United States Securities and Exchange Commission (SEC) has initiated proceedings regarding the Wilshire Phoenix Bitcoin (BTC) exchange-traded fund (ETF) proposal.

According to a Sept. 24 public filing, the SEC started proceedings to determine whether to approve or disapprove the proposed rule change, which would allow NYSE Arca to list and trade shares of Wilshire Phoenix’s Bitcoin and Treasury Investment Trust.

Public comments

In Tuesday's filing, the SEC notes that it had invited the public to share its comments, which were due 21 days from when the order was published in the Federal Register on July 1. Rebuttals to those comments were due 35 days after they were published.

Only six individuals had submitted comments on the proposed Bitcoin ETF rule change, according to the SEC’s website

The SEC has not approved or made a decision on any Bitcoin ETFs so far. The regulator has always been upfront about their concerns with market manipulation, liquidity, financial crime and other issues as reasons for their delay.

In August, the SEC delayed its decision on whether to further delay or initiate proceedings on Wilshire Phoenix’s ETF proposal until Sept. 29.

U.S. Congressional hearing with SEC

Earlier today, the U.S. House of Representatives Committee on Financial Services held a hearing entitled “Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat.”

At the hearing, lawmakers discussed aspects of the SEC’s competencies with Chairman Jay Clayton, Commissioner Hester Peirce (also known as Crypto Mom) and three other SEC commissioners.