Published: Sat, January 26, 2019
Markets | By Otis Pena

VanEck-SolidX Bitcoin ETF Application Removed by Cboe

VanEck-SolidX Bitcoin ETF Application Removed by Cboe

He also informed that the group is actively working with regulators and significant market players so that they can develop an appropriate market structure for a Bitcoin ETF and other crypto ital assets. Due to this, the exchange's application with the SEC has been in limbo. After the initial proposal, SEC delayed its decision for several times in the last six months, causing uncertainty that finally lead to CBOE withdrawinging its initial proposal.

He further said that along with these lines, one would realize the shutdown influences the SEC. Bitcoin did experience a modest pullback once the news of the withdrawal started circulating, but it has been trading in a very narrow $3,620 - $3,570 range during the last 24 hours. The application that Cboe had filed proposed a rule change in the Securities Exchange Act of 1934.

Mati Greenspan, a senior market analyst at eToro, revealed to his mailing list that the proposal was withdrawn to deny the US SEC the opportunity to deny the ETF in a "power move".

CBOE chose to temporarily withdraw its Bitcoin exchange-traded fund (ETF) application due to review delays on the part of SEC and the extended U.S. government shutdown that has impacted SEC as well.

About 1,400 comments in favor of the VanEck SolidX Bitcoin ETF were submitted to the SEC, but the SEC responded by giving out an 18-question test to commenters with multiple parts per question and a 21-day deadline to complete it.

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The Bitcoin price dropped marginally on the news, but it is now down at the $3500 where the ownership seems to be the cryptocurrency hard core.

The Chief Executive Officer of VanEck Jan van Eck, in an interview with CNBC on Wednesday, said that the proposal had been withdrawn and talks with the SEC had been postponed as a direct result of the government shutdown. This is the longest government shutdown in U.S. history. He said these discussions needed to stop and instead of trying to get in otherwise, they decided that it would best to just withdraw their application. The agency has rejected the Bitcoin ETF application previously saying that Bitcoin continues to be a vulnerable and manipulated asset, as well as other issues affecting it.

In an email, VanEck director of digital asset strategy Gabor Gurbacs told CoinDesk that the filing "has been temporarily withdrawn".

The chairman of the broker-dealer firm Lowenstein Sandler, attorney Ethan Silver explained this decision a little more clearly.

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