The Chicago Board Options Exchange (CBOE) has withdrawn yet again its jointly filed proposal with VanEck and Solid X to launch a Bitcoin Exchange Traded Fund (ETF) with the SEC. according to an SEC filing published on Tuesday, September 17th, Cboe filed the withdrawal on Friday last week. No reasons were cited in the SEC announcement. The proposal for the SEC to amend its rule on ETFs in order to allow the launch of the very first Bitcoin ETF in the US was due for a determination on October 18th after undergoing multiple delays since its filing back in January this year.
This is the second time that the Cboe has withdrawn its proposal filing after initially withdrawing earlier this year following the prolonged partial US government shutdown that started on December 2018 and lasted for about three weeks through mid-January. At the time, the SEC was due to make a determination on VanEck/SolidX’s application but the firms withdrew the application only to refile it a few days later. The SEC has then had to delay its decision a number of times giving the applicants time to address the commission’s concerns which include among others price manipulation and custody of digital assets.
Following this withdrawal, the commission still has two more applications awaiting its decision. The first one being Bitwise’s joint application with NYSE Arca exchange with a final determination date scheduled for October 13th. The other one filed more recently by Wilshire Phoenix is due to a decision announcement before the end of this month. However, the commission has the option to push its decision further just as it did with the other two proposals.
SEC Chairman Jay Clayton has recently said that in regards to a Bitcoin ETF approval, “progress is being made” however there is still work left to be done. This “work” could be the reason for Cboe’s withdrawal, however, that is yet to be confirmed. In a tweetregarding the news, VanEck’s director of digital asset strategies Gabor Gurbacs said that:
Gabor Gurbacs
We are committed to supporting Bitcoin and Bitcoin-focused financial innovation. Bringing to market a physical, liquid and insured ETF remains a top priority. We continue to work closely with regulators & market participants to get one step closer every day.
Bitwise is reportedly not shaken by the news of its rival proposal to withdraw. Speaking to reporters, the company’s COO Teddy Fusaro said that:
Teddy Fusaro
At Bitwise we continue to work on our filing and through our research to answer all of the substantial questions that the SEC has raised over the years, and we intend to continue to highlight how the industry has made progress in being able to satisfy those hard questions.
TL;DR: Ondo Finance asked the SEC for more information before approving Nasdaq’s proposal to settle tokenized securities through DTC. Nasdaq argues that tokenization can be
TL;DR: Bitcoin and Ethereum face $5.72 billion in options expirations alongside heavy ETF outflows that increase volatility. BTC is holding on to $103K and ETH
TL;DR: Great Estate Blockchain is turning historic landmarks into boutique accommodations with crypto tokens tied to their cultural value. The intangible value of these properties
TL;DR: Arthur Hayes launches Maelstrom Equity Fund I with a target of $250 million to acquire mid-sized crypto companies. Each transaction will range from $40
TL;DR: GESPA filed a complaint against FIFA Collect for offering unlicensed gambling in Switzerland. NFT competitions with cash payments and prizes are considered lotteries or
TL;DR Paul Atkins believes the United States has fallen behind jurisdictions that offer clearer and more adaptable rules for digital assets. In his view, the
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkPrivacy policy
