The earlier withdrawal of Bitcoin Exchange Traded Fund ETF application of The Chicago Board Options Exchange’s (CBOE), along with investment firm, VanEck, and financial services company, SolidX has been refiled. The refiling was revealed by Gabor Gurbacs, the VanEck digital asset strategy director in a release on January 31st.
— Gabor Gurbacs (@gaborgurbacs) January 31, 2019
Refiling Of Bitcoin Exchange Traded Fund Application
The refiled Bitcoin Exchange Traded Fund ETF was earlier withdrawn on the 23rd of January. The reason cited for the withdrawal was the U.S. government shut down which was persisting at the time. The U.S. government shut down was caused by a political disagreement between the Democrats and the Republicans over the funding of the proposed U.S. Mexico border wall.
Jan Van Eck, the CEO of VanEck had noted in an interview with CNBC that the withdrawal was made due to the shutdown which could affect the ETF review. He also stated that the application would be refiled when the government resumes again. Recent end to the shutdown that had started since December 22 presents another opportunity to reapply for the ETF.
The CBOE application was first made on the 6th June 2018 and has experienced several delays as the SEC had postponed his decision on different occasions. The agency delayed the listing of the Bitcoin ETF from August to September 30. The agency requested further comments stating that it has not reached any conclusion in regards to any of the issues on the rule of change. This was also further delayed in December but the maximum period of consideration of 240 day falls on Feb. 27 2019, according to the proposed rule change.
Bitcoin ETF And Its Approval
The U.S. SEC has rejected Bitcoin ETF applications of many firms, and this had dashed many hopes of crypto enthusiasts of a bullish crypto trend in 2018. The approval was noted as a major driver needed for an influx of institutional investors.
Recent events in the crypto space and the earlier withdrawal of CBOE application had made many predict that Bitcoin ETF will not be seen any time soon till 2020. However, the recent refiling by CBOE could pull the surprise as the crypto community awaits the outcome. Jan Van Eck noted on CNBC that the application has the appropriate requirements needed by the SEC.