The U.S. Securities and Exchange Commission (SEC) announced on Tuesday (September 17) that Cboe BZX Exchange (“BZX”) had withdrawn a proposed rule change to list/trade SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust.
This proposal was filed with the SEC on 30 January 2019, and published in the Federal Register on 20 February 2019.
On 29 March 2019, the SEC said that it needed more time to make a decision on whether to approve or disapprove this proposal. On 20 May 2019, the SEC postponed making a decision. On 12 August 2019, once again, said that it needed more time, leaving it till October 18 to make a final decision.
The SEC says that BZX withdrew its proposal on 13 September 2019.
Gabor Gurbacs, the digital asset strategist/director at VanEck/MVIS, sent out the following tweet from his personal account:
We are committed to support 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 & market participants to get one step closer every day. https://t.co/bDYiSbTRVl
— Gabor Gurbacs (@gaborgurbacs) September 17, 2019
Jake Chervinsky, General Counsel at decentralized finance (DeFi) startup Compound, a very popular commentator on all crypto-related SEC announcements, had this to say:
VanEck withdrew its bitcoin ETF proposal today, presumably expecting that the SEC would reject it next month. Bitwise's proposal is still pending (for now) & due for a final decision on October 13. My best guess — there will be no bitcoin ETF in 2019. 🙁https://t.co/cMamYkymk1
— Jake Chervinsky (@jchervinsky) September 17, 2019