Cboe has refiled its application for a VanEck/SolidX Bitcoin ETF with the US Securities and Exchange Commission (SEC). According to a legal expert, the latest possible deadline for the ruling is in early October.
Bitcoin ETF Application Refiled
Gabor Gurbacs, the Director of Digital Assets Strategy at VanEck Associates has announced that Cboe has formally resubmitted its application for a VanEck/SolidX bitcoin ETF with the SEC.
— Gabor Gurbacs (@gaborgurbacs) January 31, 2019
Cboe had filed for a Bitcoin ETF approval back in 2018 but recently withdrew its application based on concerns over the Government shutdown.
Should it be approved, the proposed rule change is going to allow the Cboe BZX Exchange to list SolidX Bitcoin Shares which are issued by the VanEck SolidX Bitcoin Trust – something that a lot of people think will trigger a positive inflow in the market and catalyze a new bull run.
Before its withdrawal, the application was set for a ruling on February 27th.
Jake Chervinsky – legal expert and regular Bitcoin commentator, explained that in order for the new timeline to be set by the Commission, Cboe’s new application needs to first be officially published in the Federal Register.
According to Chervinsky, we are likely to get a decision on the application in early october – within the next 240 days. That’s the timeline the maximum amount of time the SEC can take in order to make up its mind.
At the same time, it’s possible that the SEC decides earlier. However, when Cboe filed its previous Bitcoin ETF application last year, the Commission took every opportunity it had to delay its ruling on the matter.
In any case, the Cboe-backed VanEck/SolidX Bitcoin ETF application is met with positivity from the community. That’s because the approval of a financial instrument of the kind would provide regular investors with a regulated and established access to the market.
What do you think of Cboe resubmitting the VanEck/SolidX Bitcoin ETF proposal with the SEC? Don’t hesitate to let us know in the comments below!