CBOE has temporarily withdrawn its proposal for Vaneck Solidx Bitcoin ETF. The proposal which was submitted to the U.S. Securities and Exchange Commission (SEC) has been taken off the table. According to Vaneck, the withdrawal is just temporary and resubmission is expected to take place soon enough, preferably after the government shutdown is over.
The Vaneck Solidx Bitcoin Trust Proposal Withdrawn
According to the SEC, Cboe BZX Exchange Inc. has withdrawn its proposed rule change to list and trade shares issued by the Vaneck Solidx Bitcoin Trust.
According to a previous report, the proposed rule change was originally published in the Federal Register on July 2 last year. Few months after its publication, the SEC initiated proceedings aimed at approving or disapproving this proposed rule change.
The Government Shut Down
According to Vaneck CEO—Jan van Eck, the government shut downplayed a major role in the decision to withdraw the proposal. Van recently confirmed this in a recent statement he made.
He said that:
“The SEC is affected by the shutdown. So, we were engaged in discussions with the SEC about the bitcoin-related issues — custody, market manipulation, prices. And, that has to stop …We had the application pulled and we will refile and re-engage in the discussions when the SEC gets going again.”
It’s a Temporary Withdrawal
Gabor Gurbacs, Vaneck’s Director of Digital Asset Strategy, also commented on the withdrawal via a recent tweet.
Gurbacs said that:
“The bitcoin ETF filing has been temporarily withdrawn. We are actively working with regulators and major market participants to build appropriate market structure frameworks for a bitcoin ETF and digital assets in general. Will keep you updated.”
Counting on the Approval
The approval of the VanEck SolidX Bitcoin Trust is one of the most anticipated events of the crypto community for the year 2019. With several Bitcoin ETF proposal disapproved by the SEC last year, leaving only that of VanEck SolidX, all hopes are resting on it getting approved.