CBOE Withdraws Proposed Rule Change to List Bitcoin ETF

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

The Chicago Board Options Exchange’s (CBOE) BZX Equity Exchange has obviously pulled back its demand for a rule change by the United States Securities and Exchange Commission (SEC). According to an official notice published on Jan. 23, BZX pulled back a proposed guideline change that would enable it to list a Bitcoin (BTC) trade exchanged store (ETF).

ETFs are securities that track a basket of assets proportionately represented in the fund’s shares. They are seen by some as a potential step forward for the mass selection of cryptocurrencies as a directed and passive venture instrument.

The ETF under consideration was sponsored by venture firm VanEck and financial services company’s SolidX. The proposal, which was first documented with the SEC back in June 2018,  experienced several delays, as the U.S. financial watchdog postponed its decision on the rule change pursuant to Section 19 of the Securities Exchange Act. A final deadline for the decision was set for Feb. 27.

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#1

A CBOE representative disclosed that the choice to withdraw its demand was a consequence of the U.S. government shutdown as the end of the review period approaches. Some lawful specialists have noticed that the SEC will work on a restricted premise due the shutdown, which is the result of a political impasse over a proposed wall on the U.S.–Mexico border. According to the spokesperson, CBOE plans to re-submit a filing at a later date.

#2

According to an SEC, filing the price of each share of the VanEck SolidX Bitcoin Trust is set to $200,000. SolidX CEO Daniel H. Gallancy said that the high price reflects the fund’s intention to concentrate on institutional, instead of retail investors.

#3

A few specialists have raised doubt over the future of a Bitcoin ETF. A week ago, crypto entrepreneur and regular CNBC contributor Brian Kelly said that there is “no shot” for Bitcoin ETF approval in 2019.

#4

Kelly said that the SEC is probably not going from its skeptical position toward crypto ETFs, as “there is too much that is unresolved.” According to the analyst, it will take more than a year to settle existing issues.

SEC commissioner Hester Peirce — named “Crypto Mom” for her contradiction with the commission’s choice to dismiss a Bitcoin ETF proposed the Winklevoss twins — said that a Bitcoin ETF is “definitely possible,” but it could take a while:

“Definitely possible could be 20 years from now or it could be tomorrow. Don’t hold your breath. The SEC took a long time to establish Finhub. It might take even longer to approve an exchange traded product.”

#5

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