VanEck, SolidX Bitcoin ETF proposal withdrawn before SEC review

The highly anticipated VanEck/SolidX Bitcoin ETF application has been withdrawn one month before it was due to be reviewed by the SEC

The Chicago Board Options Exchange’s (CBOE) BZX exchange has withdrawn its VanEck/SolidX Bitcoin ETF proposal one month before it was due to be reviewed by the SEC.

According to a filing on Tuesday, the application to change the rules to publicly list shares of the VanEck SolidX Bitcoin Trust was withdrawn.

This is the second time VanEck/SolidX have had their ETF application withdrawn after it was also pulled in January amid the US government shutdown that threatened to leave the SEC with no choice but to reject it without review.

The news comes after a number of delays by the SEC, which was scheduled to make a decision on October 18 following two setbacks earlier in the year.

The SEC’s chair, Jay Clayton, made a series of intriguing comments about a Bitcoin ETF last week. He stated that while “progress had been made” in terms of a Bitcoin ETF, a lot of work needs to be done to address the issues of price manipulation and custody.

Although the VanEck/SolidX application has been withdrawn, there are still two Bitcoin ETF applications that are currently pending, with Wilshire Phoenix expecting a decision at the end of September while Bitwise Asset Management has a decision date of October 13.

Digital asset strategist/director at VanEck/MVIS, Gabor Gurbacs, said: “We are committed to supporting Bitcoin and Bitcoin-focused financial innovation. Bringing to market a physical, liquid, and insured ETF remains a top priority. We continue to work closely with regulators and market participants to get one step closer every day.”

Interestingly, the price of Bitcoin remains relatively unchanged following the announcement of VanEck/SolidX’s application withdrawal. BTC is still grinding along the $10,200 level of support following three months of significant consolidation.

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