Breaking! VanEck, SolidX Withdraws Bitcoin ETF Proposal From SEC Review

With roughly a month left for the U.S Securities and Exchanges Commission (SEC) to pass its final decision on a proposed rule change by VanEck and SolidX to list a Bitcoin ETF on the Cboe Exchange, the asset managers have withdrawn their application.

As per a filing published by the SEC today, the application for the proposed rule change was withdrawn on Sept. 13, with the sponsors not providing any reason for the sudden change of mind.

However, the latest revelation comes just a few weeks after the firm began offering a supposed Bitcoin-ETF like product targeted at institutional investors or entities with at least $100 million in assets owned or invested.

The earliest guesses for the withdrawal is that the recently launched product served the need for which VanEck, SolidX applied for a Bitcoin ETF or the firms have information that their proposal would be denied by the SEC, and thus decided to bow out graciously.

Either way, it is vital to note that this isn’t the first time that VanEck, SolidX had withdrawn their application, having done so in January when a U.S government shutdown lasted long into the period when the SEC was supposed to review it.

The application as we reported was subsequently resubmitted in February, with the SEC publishing the proposal in the Federal Register for public comments in the same month.

Meanwhile, the current withdrawal still doesn’t end the hope of the industry seeing its first regulator-approved Bitcoin ETF for U.S investors. The SEC, as it stands, must still rule on a similar proposed rule change by Bitwise Asset Management with October 13 set as the deadline for the regulatory body to decide finally on the application.

As Coinfomania report, SEC Chairman, Jay Clayton had also said earlier this month that they are getting closer to approving a Bitcoin ETF, raising hopes that the green light will come sooner rather than later.

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