VanEck, SolidX pull the plug on Bitcoin ETF proposal

The VanEck, SolidX super team has withdrawn its proposal for a Bitcoin exchange-traded fund (ETF), according to an SEC filing issued earlier today.

- Advertisement -

The VanEck investment firm and blockchain startup SolidX have faced numerous denials and delays from the SEC in its attempt to publicly list shares of its Bitcoin Trust. Its latest proposal was headed for a final deadline of October 18—and, in all likelihood, yet another denial.

But by pulling its proposal now, VanEck and SolidX are able to re-file their proposal at a later date and, in effect, reset the clock.

“We are committed to support Bitcoin and Bitcoin-focused financial innovation. Bringing to market a physical, liquid and insured ETF remains a top priority,” Gabor Gurbacs, VanEck director of digital asset strategies, said in a post on Twitter. “We continue to work closely with regulators [and] market participants to get one step closer every day.”

The prospect of a Bitcoin ETF has reached almost mythical status within the cryptocurrency industry. The investment product is widely considered to be the vehicle which will drive Bitcoin to new heights, allowing retail investors to buy into Bitcoin without fussing over purchasing actual bitcoins and holding them in digital wallets.

VanEck’s decision to pull the plug now follows a failed attempt to push a “limited Bitcoin ETF” product to “qualified institutional investors” earlier this month. Two weeks later, the pseudo-ETF has yet to generate more than a single basket of 4 BTC, worth approximately $40,000.

- Advertisement -

Last week, SEC Chairman Jay Clayton reiterated the Commission’s long-standing concerns with a Bitcoin ETF in an interview with CNBC. While Clayton said he believed some progress had been made, “there’s work left to be done,” he said.

In other words, the SEC still isn’t satisfied that the volatile price of Bitcoin is safely free of manipulation on crypto exchanges. That wasn’t going to change by October 18.

In fact, there’s very little, if anything, to suggest that it will ever change at all.

- Advertisement -



Source

Previous Articles:

- Advertisement -

Latest News

Walmart Launches Deals Week to Challenge Amazon Prime Day Sales

Walmart launches "Walmart Deals Week," a six-day event, to compete with Amazon Prime Day.The...

Ex-CFTC Chair Massad Urges Senate to Reject Rigid Crypto Rules

Two former U.S. regulators have been calling for joint oversight of crypto platforms by...

GMX Hacked for $42M, Circle Criticized for Slow USDC Freeze

GMX, a decentralized finance (DeFi) platform, suffered a $42 million hack linked to a...

Senators Target Crypto Bill Loopholes, Warn of President Abuse

Senators from both parties raised concerns about a proposed crypto market structure bill in...

GMX Exploited for $42M; Trading Halted as Investigation Ongoing

GMX, a decentralized crypto futures exchange, was hacked for $42 million. The attack targeted the...

Must Read

Best Metaverse Tokens to Buy on Binance for 10X Gains

Ever since Facebook renamed their company to Meta, as well as their plans to build a metaverse where we can travel into using Virtual...