Rule Change Request For VanEck ETF Listing Withdrawn by CBOE

The BZX Equity Exchange of the CBOE (Chicago Board Options Exchange) has reportedly filed a request asking for a withdrawal of an earlier request it had made to the United States SEC (Securities and Exchange Commission). The earlier request was one to tweak a rule that would allow the Exchange list a Bitcoin ETF on its own. The official notice, carrying a record of the withdrawal request was made on 23rd January, 2019.

The official notice notes that the BZX Equity Exchange had originally filed its initial request for a rule change way back in 2018. It was filed on 20th of June, 2018 to be precise and it related to the possibility of the exchange to list and trade SolidX Bitcoin Shares that were issued by the VanEck SolidX Bitcoin Shares.

The notice further notes that the SEC then started a process of investigation and deliberation to consider the request on 20th September decided to hold off on it and “designate(d) a longer period” for the Commission to take a call about it, on 20th of December, 2018.

Finally, on the 22nd of January, the Exchange itself filed for a withdrawal of the said request.

While crypto enthusiasts will be well aware of the struggle crypto firms have faced to get even a single ETF approved by the SEC (which is yet to happen), for the benefit of the uninitiated, let us try to first define what an ETF is.

ETFs are basically exchange traded funds that are meant to track and monitor a whole set of assets that have proportional representation in the shares of a given fund.

If Bitcoin ETFs are indeed approved and become a reality, it will become particularly conducive for investors to take their leap of faith with cryptocurrencies, under a regulated and compliant set up.

It is interesting to note that the SEC has put its considerations regarding all Bitcoin ETF-related requests for the time being, owing to the government shutdown enforced by US President Donald Trump. The last delay they had announced had been concerning the same VanEck SolidX request that we have spoken about above. Even though legal expert Jake Chervinsky is of the view that SEC cannot legally delay a decision any further, regardless of the shutdown, it seems unlikely that any decision concerning a Bitcoin ETF will be announced any time soon.

However, with this withdrawal request, the situation definitely does change somewhat, intriguing us even further. We have little choice but to wait and watch.