CBOE has resubmitted a joint proposal with VanEck and SolidX for a Bitcoin exchange-traded fund (ETF), according to an announcement on Thursday.
The original proposal, which was pulled by CBOE last Wednesday amid the US government shutdown, had a decision deadline of February 27th, by which time the SEC had to either approve or deny the application.
Due to the lingering uncertainty surrounding the US government, it was thought that the SEC would deny the application without giving it sufficient foresight, prompting CBOE to withdraw the initial application.
The VanEck SolidX Bitcoin ETF proposed rule-change has been submitted by CBOE. Hard work by all teams involved. Public document: https://t.co/X25lOPjiFS pic.twitter.com/C9FP4adDE8
— Gabor Gurbacs (@gaborgurbacs) January 31, 2019
But now, VanEck digital asset strategy lead Gabor Gurbacs has confirmed that the “ETF proposed rule-change has been submitted by CBOE.”
The proposal has not yet been published in the Federal Register, meaning that no deadline is currently in place for the SEC to make a decision. The regulator will have a maximum of 240 days after the proposal is published to make a decision, which could place a deadline sometime in October this year.
A Bitcoin ETF would be a positive step for the cryptocurrency space. Not only would it increase the legitimacy of the digital asset class, it would also help harbour fresh money and create more liquidity in the space.
To read the resubmitted ETF proposal in full, click here.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.