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Cboe Temporarily Withdraws Proposal for the Most Promising Bitcoin ETF Application Amid Government Shutdown

Abstract : The proposal withdrawal involved a Bitcoin ETF that was regarded as the most promising Bitcoin ETF that can obtain the approval.

ChainDD
ChainDD

Jan 24

Cboe, the largest option exchange in U.S., filed on January 22 to withdraw proposal of rule change for an applied a Bitcoin ETF-- VanEck SolidX Bitcoin Trust’s list on it, according to document released by the U.S. Securities and Exchange Commission (SEC) on January 23 EST time.

Cboe said the reason for withdrawing its proposal of rule change for a Bitcoin ETF -- VanEck SolidX Bitcoin Trust’s list on it is that the U.S. Securities and Exchange Commission (SEC) essentially discontinued its work during the federal government shutdown. And it plans to resubmit its proposal about the ETF.

VanEck’s digital asset strategy director Gabor Gurbacs told CoinDesk that the filing of a proposed rule change for a VanEck applied Bitcoin ETF was “temporarily withdrawal”. 

Gurbacs stated, as the Bitcoin ETF’s co-issuer, VanEck was engaged in discussion with the U.S. Securities and Exchange Commission (SEC) about Bitcoin related issues, custody, market manipulation, prices. But the discussion had to be halted for the government shutdown. The proposal will be resubmit when the discussion can be resumed.

ChainDD noted that the abovementioned Bitcoin ETF applied by two issuers SolidX and Van Eck was regarded as the most promising Bitcoin ETF that can obtain the approval. The deadline for SEC’s decision on approval is February 27.

According to ChainDD’s previous news last week, the cryto media Longhash’s source said that the US government shutdown means SEC could miss the decision deadline of the Bitcoin ETF.

Jake Chervinsky, a Defense Counsel in U.S. government criminal investigations at an international law firm Kobre & Kim, pointed out that SEC’s operations plan under the government shutdown showed that SEC will discontinue review and approval of applications for ETF during a lapse in shutdown. And it is very easy for SEC to deny the application with an excuse of government shutdown.

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