The United States Securities and Exchange Commission (SEC) has requested Reality Shares ETF Trust to withdraw their proposed exchange-traded-fund (ETF), as per the letter published by the SEC on Feb. 12.
In the letter, the SEC specifies that the withdrawal was “at the request of the Staff of the U.S. Securities and Exchange Commission. No securities have been sold in connection with the offering of the Fun”
Initially filed on Feb. 11, the proposal was for an ETF that will invest in a portfolio, including both sovereign debt instruments and Bitcoin (BTC) futures. It was proposed by Reality Shares ETF Trust, a unit of crypto-focused fintech firm Blockforce Capital.
The proposal application stated that the ETF is designed to “provide investment exposure to global currencies, both fiat, and virtual currencies, that have been widely adopted for use (e.g., as store-of-value, international remittance, foreign-exchange trading) throughout the world.”
In terms of the BTC futures, the plan was to invest via a wholly owned Cayman Islands-registered subsidiary in the cash-settled BTC futures that are currently traded on CBOE Futures Exchange (CFE) and the Chicago Mercantile Exchange (CME).
At the end of January, the Chicago Board Options Exchange’s, re-applied with the SEC for a rule change to list their BTC ETF in collaboration with investment firm VanEck and financial services company SolidX.
Read More: Brave New Coin’s Bitcoin And Ethereum Indices Will Go Live On Nasdaq On February 25
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