Cboe BZX Exchange Issues the SEC a Notice to Pull a Rule Change for the VanEck-SolidX Bitcoin ETF

After Months of Waiting for a Decision, Cboe Pulls VanEck-SolidX Bitcoin ETF Proposal

One of the most publicized Bitcoin ETF applications has been the one involving VanEck and SolidX. Recently, the Cboe BZX Exchange brought forth a proposal that would change a specific rule, making it possible for the ETF to be approved, if the rule change itself was approved. However, in a notice from January 23rd, the exchange has withdrawn the proposal entirely.

The decision to withdraw the proposal was announced by Eduardo Aleman, the deputy secretary for the U.S. Securities and Exchange Commission. The proposal had been on the books since June, which came at the same time that VanEck and SolidX team up together to bring the first physically-backed Bitcoin ETF to the market. Similar proposals had brought forth the concept of Bitcoin futures contracts instead.

The SEC has delayed the proposal decision many times. Some of the delays were combined with requests for public comments on the matter, while others had been with meetings involving proponents. However, those delays were coming to a close, since the deadline for a decision would be February 27th.

Though many supporters of the ETF would probably like answers as to why this was withdrawn at all, there is speculation from securities lawyers that it had to do with the shutdown. If the government shutdown continued past the deadline, the ETF would end up being denied anyway, since there’s no one around the SEC to even review the proposal.

CEO of VanEck, Jan van Eck, had said that the proposal will return at a later date, though the company plans to continue this conversation with the SEC in the meantime.

Attorney Ethan Silver of the Lowenstein Sandler law firm spoke to CoinDesk on the matter. He explained, “If [the SEC] were forced to deal with [the proposal], they would sooner deny it than be put in a position [where it is approved on a technicality].”

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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