The CBOE BZX Exchange today withdrew its offer, which, if approved, would pave the way for the creation of a Bitcoin exchange-traded fund backed by VacnEck and SolidX.
In a statement issued by the US Securities and Exchange Commission (SEC), Deputy Registrar Eduardo Aleman writes that the stock exchange has taken its decision to withdraw from its original plan.
The proposal was made in June last month, when VanEck, an investment firm, began its partnership with the SolidX financial services provider. The plan was to create a Bitcoin ETF that is physically supported rather than offering Bitcoin futures.
The SEC delayed its decision on the proposal several times, consulting the public for comments and a number of meetings with the parties to the proposal.
The announcement itself does not give the exact reason for the withdrawal of the proposal, but some lawyers and lawyers assume that the current crisis with the US closed government has led to the refusal to create the ETF concerned. This is also explained by the fact that there are not enough staff in the Commission to make a full consideration of the proposal on time. The deadline for the SEC to decide was 27 February.
Jan Van Eck, VanEck's CEO, told CNBC that although the proposal was withdrawn, they would be reintroduced at a later stage after further discussion with SEC representatives. Bitcoin's price reflected a slight decline but not strong enough to drive a strong sale.
Source: Coindesk
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