01-24-2019, 09:57 AM
Cboe Pulls Its Proposal for SolidX/VanEck Bitcoin ETF
<img alt="suits.jpg" height="529" src="https://fs.bitcoinmagazine.com/img/images/suits.width-800.jpg" width="800"> <br/>
<div class="block-paragraph"><div class="rich-text"><p>The Chicago Board of Exchange (Cboe) is pulling the plug on the SolidX and VanEck bitcoin exchange traded fund (ETF) <a href="https://bitcoinmagazine.com/articles/cboe-files-sec-bitcoin-etf/">proposal</a>, adding another twist to a regulatory saga that can’t seem to find an ending.</p><p>According to a January 23, 2019, <a href="https://www.sec.gov/rules/sro/cboebzx/2019/34-84988.pdf">statement</a> from the U.S. Securities and Exchange Commission (SEC), the exchange operator sent the agency a petition to withdraw its application for a proposed rule change from the SEC’s consideration.</p><p>If accepted, the rule change would have given the Cboe clearance to list the world’s first <a href="https://bitcoinmagazine.com/articles/race-bitcoin-etf-wall-street-has-plenty-hurdles-clear/">bitcoin ETF</a>, an investment product that software/financial services company SolidX and investment firm VanEck have been painstakingly building over the past few years.</p><p>Filed in June of 2018, the attempt was VanEck’s third, and its pending decision had been viewed as <a href="https://bitcoinmagazine.com/articles/we-did-gold-could-vaneck-be-bitcoins-best-bet-etf/">the industry’s best chance</a> at securing the its first ETF after an extensive list of failed proposals, including a couple by Gemini’s <a href="https://bitcoinmagazine.com/articles/winklevoss-bitcoin-etf-proposal-denied-us-sec/">Winklevoss brothers</a>. The final decision for the ETFs approval had been <a href="https://bitcoinmagazine.com/articles/us-sec-delays-decision-vanecks-bitcoin-etf-until-february-2019/">delayed a few times</a>, but reaching its limit for delays, the SEC was not expected to have made a conclusive decision until February 27, 2019 — nearly a month from now.</p><p>The statement did not give any reason for why the application was withdrawn. As America grapples with a more than month-long government shutdown, community chatter has speculated as to how it might affect the ETF approval process. A common misconception became that it would get automatically approved, a falsehood that <a href="https://twitter.com/jchervinsky/status/1086266216568799233">has been disputed</a> by Twitter’s crypto lawyer community.</p><p><i>Bitcoin Magazine</i> reached out to a VanEck representative for comment but, at the time of publication, has not received a response.</p></div></div>
<p><em>This article originally appeared on <a href="https://bitcoinmagazine.com">Bitcoin Magazine</a>.</em></p>
https://bitcoinmagazine.com/articles/cbo...n-etf/Kind Regards R
<img alt="suits.jpg" height="529" src="https://fs.bitcoinmagazine.com/img/images/suits.width-800.jpg" width="800"> <br/>
<div class="block-paragraph"><div class="rich-text"><p>The Chicago Board of Exchange (Cboe) is pulling the plug on the SolidX and VanEck bitcoin exchange traded fund (ETF) <a href="https://bitcoinmagazine.com/articles/cboe-files-sec-bitcoin-etf/">proposal</a>, adding another twist to a regulatory saga that can’t seem to find an ending.</p><p>According to a January 23, 2019, <a href="https://www.sec.gov/rules/sro/cboebzx/2019/34-84988.pdf">statement</a> from the U.S. Securities and Exchange Commission (SEC), the exchange operator sent the agency a petition to withdraw its application for a proposed rule change from the SEC’s consideration.</p><p>If accepted, the rule change would have given the Cboe clearance to list the world’s first <a href="https://bitcoinmagazine.com/articles/race-bitcoin-etf-wall-street-has-plenty-hurdles-clear/">bitcoin ETF</a>, an investment product that software/financial services company SolidX and investment firm VanEck have been painstakingly building over the past few years.</p><p>Filed in June of 2018, the attempt was VanEck’s third, and its pending decision had been viewed as <a href="https://bitcoinmagazine.com/articles/we-did-gold-could-vaneck-be-bitcoins-best-bet-etf/">the industry’s best chance</a> at securing the its first ETF after an extensive list of failed proposals, including a couple by Gemini’s <a href="https://bitcoinmagazine.com/articles/winklevoss-bitcoin-etf-proposal-denied-us-sec/">Winklevoss brothers</a>. The final decision for the ETFs approval had been <a href="https://bitcoinmagazine.com/articles/us-sec-delays-decision-vanecks-bitcoin-etf-until-february-2019/">delayed a few times</a>, but reaching its limit for delays, the SEC was not expected to have made a conclusive decision until February 27, 2019 — nearly a month from now.</p><p>The statement did not give any reason for why the application was withdrawn. As America grapples with a more than month-long government shutdown, community chatter has speculated as to how it might affect the ETF approval process. A common misconception became that it would get automatically approved, a falsehood that <a href="https://twitter.com/jchervinsky/status/1086266216568799233">has been disputed</a> by Twitter’s crypto lawyer community.</p><p><i>Bitcoin Magazine</i> reached out to a VanEck representative for comment but, at the time of publication, has not received a response.</p></div></div>
<p><em>This article originally appeared on <a href="https://bitcoinmagazine.com">Bitcoin Magazine</a>.</em></p>
https://bitcoinmagazine.com/articles/cbo...n-etf/Kind Regards R