The Chicago Board Options Exchange's BZX Equity Exchange has apparently withdrawn its request for a rule change by the United States Securities and Exchange Commission.
According to an official notice published on Jan. 23, BZX withdrew a proposed rule change that would allow it to list a Bitcoin exchange-traded fund.
ETFs are securities that track a basket of assets proportionately represented in the fund's shares.
The ETF under consideration was backed by investment firm VanEck and financial services company SolidX. The proposal, which was first filed with the SEC back in June 2018, experienced several delays, as the U.S. financial watchdog postponed its decision on the rule change pursuant to Section 19 of the Securities Exchange Act.
Some legal experts have noted that the SEC will be operating on a limited basis due the U.S. government shutdown, which is the result of a impasse over a proposed wall on the U.S.-Mexico border.
As per an SEC filing, the price of each share of the VanEck SolidX Bitcoin Trust is set to $200,000.
SolidX CEO Daniel H. Gallancy said that the high price reflects the fund's intention to focus on institutional, rather than retail investors.
Some experts have expressed doubt over the future of a Bitcoin ETF. Last week, crypto entrepreneur and regular CNBC contributor Brian Kelly said that there is "No shot" for Bitcoin ETF approval in 2019.
Kelly said that the SEC is unlikely to change from its sceptical position toward crypto ETFs, as "There is too much that is unresolved." According to the analyst, it will take more than a year to settle existing issues.
"Definitely possible could be 20 years from now or it could be tomorrow. Don't hold your breath. The SEC took a long time to [establish] Finhub. It might take even longer to approve an exchange traded product."
CBOE Withdraws Rule Change Request to List Bitcoin Exchange-Traded Fund
gepubliceerd op Jan 23, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.