Cboe resubmits Bitcoin ETF proposal week after withdrawal

on Feb 1, 2019
Updated: Jun 14, 2024

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Cboe Global Markets, the owner of the Chicago Board Options Exchange, has resubmitted for approval a joint with VanEck and SolidX for a Bitcoin exchange-traded fund, industry website Coindesk has reported. If approved by the US Securities and Exchange Commission (SEC), this would allow the Cboe BZX Exchange to list shares of a Bitcoin ETF trust, the online publication notes.

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The original proposal was withdrawn on January 23, with some speculating that the decision was made because of the government shutdown in Washington. This move poured cold water on crypto supporters’ hopes that a Bitcoin exchange-traded fund will launch in the near future.

The resubmitted proposal has yet to be published in the Federal Register, which means that the approval process has not yet started. Once the proposal has been published, the SEC will have a maximum of 240 days to decide whether to approve or reject it.

Many cryptocurrency proponents believe that an approval of a Bitcoin ETF in the US could be a catalyst for a new crypto bull run, similar to the one triggered by the launch of Bitcoin futures in late 2017. However, the SEC has been hesitant to approve such instruments, rejecting a number of proposals over the past couple of years.

So far Switzerland has been the only country to approve a crypto-based exchange-traded product. In November, last year, London-based fintech firm Amun listed an ETP tracking a basket of five digital currencies on the Swiss stock exchange.

“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies,” Amun’s chief executive officer Hany Rashwan said at the time. “It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”

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