CBOE Global Markets was expecting that its application for a proposed rule change gets approved by the SEC, but they just pulled it.
This would have allowed the first BTC ETF.
CBOE pulls its application for BTC ETF
In a filing, the SEC deputy secretary Eduardo Aleman wrote that the CBOE BZX Exchange pulled its request for a proposed rule change for a Bitcoin ETF that’s backed by VanEck and SolidX.
This withdrawal seems to have been filed on January 22.
A Bitcoin ETF allows investors to enter the crypto market without actually having to own the asset and this would have helped them gain exposure to BTC.
During an interview with CNBC, VanEck CEO Jan van Eck said the proposal would be refiled at a later date.
“We were engaged in discussions with the SEC about the Bitcoin-related issues, custody, market manipulation, prices, and that had to stop. And so, instead of trying to slip through or something, we just had the application pulled, and we will re-file when the SEC gets going again.”
The SEC was supposed to make the final decision on February 27 after more delays.
Considering the ongoing government shutdown probably the final outcome would not have been the expected one.
Gabor Gurbacs, VanEck’s director of digital asset strategy, tweeted that VanEck continues to work with regulators to “build appropriate market structure frameworks for a Bitcoin ETF and digital assets in general.”
There are many important voices in the cryptosphere who believe that SEC’s approval would have triggered major Wall Street traders to invest in crypto and would have opened the door to a new era.
The Bitcoin ETF filing has been temporarily withdrawn.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. pic.twitter.com/o9yiN47ZKe
— Gabor Gurbacs (@gaborgurbacs) January 23, 2019
Would Bitcoin ETF approval trigger mass adoption?
A lot of voices in the cryptosphere have been claiming that the approval of Bitcoin ETFs could trigger mass adoption.
Nulltx.com brings up David Reischer, Esq. Attorney & CEO of LegalAdvice.com who says the very same thing – that an approved Bitcoin ETF in 2019 is the primary key that could boost the market.