On January 23, the US Securities and Exchange Commission (SEC) announced that the bitcoin ETF application has been withdrawn.
The Cboe BZX Exchange has withdrawn a proposed rule change that, if approved, would clear the way for a bitcoin exchange-traded fund (ETF) backed by VanEck and SolidX.
Gabor Gurbacs, VanEck director of digital asset strategy, told CoinDesk that the filing “has been temporarily withdrawn.” He emphasised that the company is actively cooperating with financial regulators and major market players to set up proper infrastructure.
Jan van Eck, VanEck CEO, said the application would be submitted at a later date after continued discussion with the SEC. The work of the regulator is limited at the moment owing to the ongoing government shutdown, a reason for a likely application rejection, as they’d be not enough time to review it before February 27, a final decision deadline.
“We were engaged in discussions with the SEC about the bitcoin-related issues, custody, market manipulation, prices, and that had to stop. And so, instead of trying to slip through or something, we just had the application pulled and we will re-file when the SEC gets going again,” van Eck told CNBC network.
He added that VanEck has to explain to the SEC clearly and convincingly about the market readiness for the Bitcoin ETF launch.