VanEck, SolidX, and Cboe Withdraw Bitcoin ETF Launch Application
Cboe BZX Withdraws An Application For Listing A Bitcoin-Pegged Exchange Traded Fund (ETF) In Collaboration With VanEck And SolidX Earlier In The Year.
According to the September 17 notice, the proposal for a rule change that, if approved, could allow the launch of the relevant tool, was withdrawn on September 13.
Previously Securities and Exchange Commission The United States (SEC), which reviewed the application, has repeatedly postponed its decision. The regulator was supposed to say the final word by October 18.
At the beginning of the month VanEck and SolidX started offering valuable the securities of their bitcoin trust to accredited investors in accordance with rule 144A. The presented mechanism, however, has fundamental differences from ETF, despite its positioning by companies. In the first days of trading, only four bitcoins were purchased through the trust. To date, the meaning has not changed.
In a September 4 interview, VanEck ETF Product Director Ed Lopez said the company will continue its efforts to bring the vehicle to market: “We continue to strongly believe that the market and many investors will benefit from having a regulated product.”.
Gabor Gurbach, head of digital asset strategy at VanEck, commented on the news today on Twitter: “We intend to support Bitcoin and Bitcoin-focused financial innovation. Bringing to market a physical, liquid and insured ETF remains our top priority. We continue to work closely with regulators and market participants to move one step forward every day. “.
This is the second time that VanEck and SolidX have voluntarily withdrawn their application. In January, the companies decided to withdraw the appeal amid a prolonged stop in the work of the US government, which threatened to be rejected..
SEC Chairman Jay Clayton said last week that to the authors of applications for the launch of Bitcoin ETF “Work remains to be done” to convince the regulator of the permissibility of creating such an instrument, while recognizing that some progress in this direction is indeed visible.
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