CBOE pull Bitcoin ETF application amid US government shutdown

The Chicago Board Options Exchange (CBOE) has pulled its application to list a Bitcoin exchange-traded fund (ETF) amid the US government shutdown.

The decision to withdraw the application was confirmed by the Securities and Exchange Commission (SEC) in a document on Wednesday.

The SEC was expected to make a decision on the VanEck/SolidX ETF application in the last week of February, but due to the ongoing government shutdown, there was concern over whether the application could be assessed in full before the deadline and would simply be rejected.

Having already delayed the decision in the later stages of 2018, February 27th was set as the final date for the application, meaning that the SEC may have been forced to reject it without sufficient research.

“CBOE’s decision to withdraw its filing with the SEC to list and trade shares of the VanEck SolidX Bitcoin Trust is a function of timing related to the US government shutdown as the end of the review period approaches,” the CBOE said in an emailed statement, as quoted by Bloomberg.

“We plan to resubmit a filing at a later date and look forward to continued discussions with the SEC.”

When the application is resubmitted, the SEC will have a longer period to assess it before making a final decision.

Bitcoin’s price stayed surprisingly stable in light of the news, still trading above the support trendline at $3,500. While the application being pulled isn’t ideal for Bitcoin and the digital asset class, it boosts the chance of approval on resubmission, with the US government shutdown expected to come to a conclusion in the coming weeks and months.

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