After waiting for what seemed like forever and also enduring multiple delays, the Chicago Board Options Exchange’s (CBOE) BZX Equity Exchange, has made the decision to withdraw its earlier submitted VanEck/SolidX Bitcoin Exchange-Traded Fund (ETF) proposal, from the United States Securities and Exchange Commission (SEC). This was made known in a publication released by the SEC on the 17th of September.
According to the SEC’s publication, the proposal was withdrawn by the CBOE four days earlier on the 13th probably because the SEC had repeatedly delayed a decision on the approval for the proposal, which was geared to be the first ever Bitcoin ETF in the U.S. It is however interesting that the proposal was withdrawn just a little over a month to the SEC’s October 18 deadline, although many believe the proposal would have been denied.
Regardless, the team is still optimistic and in a recent tweet, the digital asset strategist and director at VanEck, Gabor Gurbacs, said:
“We are committed to support Bitcoin and Bitcoin-focused financial innovation. Bringing to market a physical, liquid and insured ETF remains a top priority. We continue to work closely with regulators & market participants to get one step closer every day.”
This is the second time that the VanEck/SolidX team will be withdrawing their proposal from the SEC, with the first one happening earlier this year in January. So far, there are two other Bitcoin ETF proposals with the SEC, filed by Wilshere Phoenix as well as Bitwise Asset Management.
Image Credits: Pixabay