The cryptocurrency community will have to wait a little longer for the first hotly-anticipated Bitcoin exchange-traded fund ETF as CBOE has officially withdrawn its application, albeit temporarily.
The US Securities and Exchange Commission (SEC) published a document on 23 January detailing the withdrawal from CBOE of the VanEck SolidX Bitcoin Trust application.
The ongoing US government shutdown, which has now surpassed the longest of its kind in history, is being attributed as the primary reason for the application being withdrawn. Working to a February deadline, it seemed very unlikely there would be enough staff at the SEC to process the application in time. It appears most likely that CBOE has chosen to refile the application in the future rather than suffer the repercussions associated with failing to gain approval by the deadline.
Bitcoin has not experienced any significant losses since the announcement and has managed to hold above USD 3,500.
VanEck was considered by many analysts to be the industry’s leading for hope for receiving ETF approval, with CBOE being the first firm to receive the SEC’s approval for Bitcoin futures trading.
Writing on Twitter, VanEck CEO Gabor Gurbacts assured spectators the ETF application had only been “temporarily withdrawn”.
The Bitcoin ETF filing has been temporarily withdrawn. We are actively working with regulators and major market participants to build appropriate market structure frameworks for a Bitcoin ETF and digital assets in general. Will keep you updated. pic.twitter.com/o9yiN47ZKe
— Gabor Gurbacs (@gaborgurbacs) January 23, 2019
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