VanEck, SolidX Bring Their ETF Proposal to a Halt One Month Before SEC's Decision

Libra Coin News
Wed, 09/18/2019 - 06:04
Alex Dovbnya
CBOE BZX Equity Exchange’s suddenly puts the breaks on its VanEck/SolidX ETF proposal without explaining the reason for doing so
Cover image via www.123rf.com
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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.

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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.

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.

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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.

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.”

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.