Arca Funds applies to SEC to launch tokenized U.S. Treasury fund

Arca Funds, a Los Angeles fund management company focused on cryptocurrencies, hopes to create a fund to buy U.S. Treasuries and then use them to support digital tokens created on the Ethereum blockchain network, which will then be distributed to investors. After repeated consultations with the US Securities and Exchange Commission for more than a year, the plan was resubmitted earlier this month and is still awaiting SEC approval. Executives in charge of the project say they have hope for progress in the coming months. The proposed "ArCoin" will provide a new option for investing in US Treasuries at the moment.