The Chicago Board Options Exchange (CBOE) has resubmitted its Bitcoin exchange-traded fund (ETF) proposal in collaboration with money management firm VanEck and blockchain company SolidX for the Securities and Exchange Commission’s (SEC) approval.
According to VanEck digital asset strategy director Gabor Gurbacs, the filing with the SEC was done January 30, only a week after the firm withdrew a similar proposal due to the long persisted shutdown of the US government.
— Gabor Gurbacs (@gaborgurbacs) January 31, 2019
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VanEck CEO Jan van Eck earlier revealed that the companies were already in talks with the SEC for the approval of the Bitcoin ETF proposal, however, the US shutdown halted the process. With the final decision date of February 27 fast approaching, the firms decided to shelve their proposal anticipating a rejection by the regulator.
In addition, the SEC extended the examination process several times delaying the approval process of the Bitcoin ETFs, first extending the time it had to act on the proposal in August, then instituting formal proceedings to determine approval in December, and again extending its deadline to 2019.
Many Firms are Pushing for Bitcoin ETFs
Despite the SEC’s hostility, NYSE Arca, along with the San Francisco-based asset manager Bitwise, last month filed for the approval of a physically-backed Bitcoin ETF.
However, neither CBOE’s nor NYSE Arca’s proposal has been published to the Federal Register yet as, after the listing, the SEC will have to make a final decision on the proposal within 240 days.
The SEC earlier rejected the Winklevoss brother’s bid to list a Bitcoin ETF on the BATS exchange multiple times. The twins, however, are determined to proceed with the proposal again as in a Reddit AMA, last month, Camron Winklevoss noted: “We are committed as ever to making an ETF a reality!”