The US government shutdown came to a close on Jan 25, and it seems the race for a Bitcoin ETF proposal to be approved is back on. News reaching us indicate that Cboe has resubmitted the VanEck and SolidX ETF proposal to the SEC for approval.
The filing was made on Jan.30 with an announcement made the following day by Gabor Gurbacs the lead digital asset strategy at VanEck. If the Bitcoin ETF is successfully approved by the Securities and Exchange Commission (SEC), it will become the first of its kind. It will also allow Cboe BZX exchange to list the shares of a Bitcoin ETF trust.
Over the past year, the SEC denied approval of over nine Bitcoin ETFs citing market manipulation as one of their primary concerns. However, now that Cboe has decided to refile its proposal there is renewed hope among ETF enthusiasts with many believing the fund will inject new money into the crypto space which will create a more liquid market.
VanEck withdrew their proposal earlier this month because at the time there was an ongoing government shutdown. The reason for the withdrawal according to Jan van ECK, the CEO of the company was to avoid a possible rejection after the shutdown began in the midst of discussions between the company and the SEC.
Before that, the fate of the VanEck and SolidX filing was set to face a final decision on Feb.27 after the SEC had extended its examination period for a number of times.
Now, once the Bitcoin ETF proposal is published in the Federal Register, the agency will have a maximum of 240 days to decide on whether to approve it or not.
What’s your take on Cboe resubmitting the VanEck/SolidX Bitcoin ETF proposal? Share your thoughts in the comment section below.