Saturday, 20 April, 2019


Cboe shelving plan for bitcoin-tracking product -filing

Cboe shelving plan for bitcoin-tracking product -filing Cboe shelving plan for bitcoin-tracking product -filing
Conrad Doyle | 26 January, 2019, 14:01

Cboe has asked the Securities and Exchange Commission for approval to list and trade a new Bitcoin exchange-traded fund called the VanEck SolidX Bitcoin Trust however the application was pulled this week claiming that "timing related to the US government shutdown as the end of the review period approaches".

The crypto markets appear unphased by the latest announcement of proposed rule change withdrawal that would have otherwise made it easier to obtain an ETF for VanEck and SolidX. "Instead of trying to slip through or something, we just had the application pulled".

One of the concerns with the SEC, which the usa regulator has repeatedly aired ever time one of these applications is submitted, is that Bitcoin sits on a market infrastructure which is not like public markets.

According to Jan Van Eck, the ETF will be resubmitted to the SEC at an undisclosed date in the future.

Aside from all of the other big market news attached to the shutdown and the political gamesmanship going on over economic insecurities, this decision to withdraw the bitcoin ETF proposal is big on its own.

The highly-anticipated Bitcoin ETF proposal has been withdrawn by Cboe. He also added that the firm was actively working with key market participants as well as regulators to create an appropriate framework in the market for Bitcoin ETFs and cryptocurrencies in general. The SEC had until February 27th to make a decision, and if it failed to do so the change would be passed by default. "However, a twist occurred two days ago, on January 22nd, when the application was withdrawn by the very entities that filed it in the first place ... the decision came as a surprise".

However, the price didn't respond as adverse as the news was, with bitcoin sliding even further towards the $3,5k mark, can cause the conservable cause of concern among crypto investors. Sources posit the current USA government shutdown might be to blame.

The Chief Executive Officer of VanEck - Jan van Eck - told CNBC that: "The shutdown affected the U.S SEC, we were engaged in discussions with the SEC regarding Bitcoin-related issues, market manipulation, prices, custody, and that had to stop".

Although yesterday's ETF proposal withdraw will lead to significant delays until a Bitcoin ETF exists, investors didn't seem to be too upset by this, as the markets barely dropped.

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