The CBOE [Chicago Board Options Exchange’s], in collaboration with the VanEck and financial services company named ‘SolidX’, has re-applied with the United States SEC [Securities and Exchange Commission] for a rule amendment to list a Bitcoin ETF [Exchange Traded Fund] product. VanEck digital asset strategy director named ‘Gabor Gurbacs’ ‘revealed‘ in the general public filing recently on 31st Jan.
Bitcoin [BTC] ETFs are securities that track a basket of assets proportionately drawn within the fund’s shares. They’re seen by some as a ‘possible revolution‘ for the mass adoption of cryptocurrencies as a regulated and passive financial instrument.
CBOE had at first withdrawn its request for a rule amendment to list a Bitcoin [BTC] ETF, earlier on 23rd Jan. A CBOE spokesperson told that the choice to withdraw its request was the results of the U.S. government closing as the end of the review period on 27th Feb. approaching. Some legal consultants noted at the time that the SEC was in operation on a restricted basis due the arriving closing, which indeed was the result of a political impasse over a projected wall on the U.S.–Mexico border.
The application process has suffered many delays, as the ‘SEC pushed back its call‘ on multiple occasions. The companies 1st filed with the SEC to list a Bitcoin [BTC] based ETF on 6th June, last year. Later in August, the commission delayed its call on listing the ETF till 30th Sept. The commission then requested additional ‘comments‘ relating to the decision, claiming that the agency has not “reached any conclusions with regard to any of the issues” on the rule amendment.
Later in Dec., the ‘decision‘ was delayed once again, and as the projected rule amendment was 1st revealed within the Federal Register on 2nd July last year, the max. period of consideration fell 240 days later, on 27th Feb., 2019.