VanEck and SolidX Withdrawn A Propose To Launch Bitcoin ETF Once Again

VanEck Securities Corp. and SolidX Management have decided to withdraw their application to launch Bitcoin ETF, submitted to the US Securities and Exchange Commission (SEC) earlier. The relevant information appeared on the website of the department.

Еhe application to launch Bitcoin ETF was given regulatory authorities on September 13 first-time. Despite that, the document was submitted on the agency’s website only 4 days later. Recall that earlier there was an episode of the withdrawal of VanEck and SolidX applications for the launch of Bitcoin ETF, due to concerns about its possible cancellation, amid the suspension of the US government.

Subsequently, the SEC received a second proposal.

The reasons for the decision to withdraw the application are currently unknown. Gabor Gurbacs, Director of Digital Assets Strategy at VanEck, commented as follows:

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

The Thorny Path Of  Bitcoin ETF

Recall the application was submitted to the SEC on June 6, 2018. Initially, the department had to submit its attitude to the proposal by 10 August. The next deadline was the end of September. Subsequently, the issuance of the decision on it was postponed until February 27, 2019. Further, it became known that the SEC intends to consider the application within 45 days. However, in January, CBOE decided to withdraw the offer.

Subsequently, the SEC received a renewed application. The decision on it was also postponed several times. In August of this year, it became known about another postponement from the department. The new deadline for the application was determined on October 18.

Meanwhile, users on the network note that the long history of attempts to obtain approval of Bitcoin ETF from the side of regulatory authorities bored them. In addition, the possibilities of a new financial instrument and the expectations from its launch are greatly exaggerated.

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