The Lambo dreams of Bitcoin bulls who hoped that the VanEck/SolidX exchange-traded fund (ETF) might get the green light from the Securities and Exchange Commission (SEC) have just been shattered.
The filing, which was submitted to the SEC by Cboe’s BZX Exchange, shows that it withdrew the proposed rule change on Sept. 13.
Waving a white flag
Cboe didn’t specify the reason why it made such a U-turn one month before the final deadline. The SEC was supposed to voice its final verdict on the joint ETF before Oct. 18.
VanEck’s digital asset strategist Gabor Gurbacs commented that they would continue to work closely with regulators and market participants.
We are committed to support Bitcoin and Bitcoin-focused financial innovation. Bringing to market a physical, liquid and insured ETF remains a top priority. We continue to work closely with regulators & market participants to get one step closer every day. https://t.co/bDYiSbTRVl— Gabor Gurbacs (@gaborgurbacs) September 17, 2019
On Sept. 3, VanEck Securities and SolidX Management made an announcement about launching a “limited” version of a Bitcoin ETF that is designed for a selected group of institutional investment. However, as of now, there is little demand for the product.
Bitwise is still in the game
Numerous crypto influencers took to Twitter to crack jokes about how it takes forever for the SEC to approve a Bitcoin ETF.
It’s the year 2097 and the SEC still hasn’t approved a Bitcoin ETF.
— Ran NeuNer (@cryptomanran) September 17, 2019
There is still a gleam of hope. The proposal, which was filled by Bitwise Asset Management together with NYSE Arca, might get a much-coveted nod from the US regulator in October (the deadline is set for Oct. 14).
SEC Chairman Jay Clayton recently stated that they were moving closer to green-light a Bitcoin ETF, but there was “work left to be done.”