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/ latest / 2019/01 / u-s-sec-says-cboe-bzx-exchange-a-withdrawn-proposal-for-vaneck-solid-x-bitcoin-etf /
u-s-sec-said CBOE-BZX-exchange-a-removed-for-proposal vaneck-solid-x-bitcoin-etf
On Wednesday, January 23, the United States Securities and Exchange Commission (the "Commission") announced that the Cboe BZX Exchange ("BZX"), which was going to constitute the stock exchange listing the VanEck-SolidX Bitcoin ETF s' it was approved, had withdrawn the proposed rule change.
The SEC's notice indicated that BZX had withdrawn the "Proposed Amendments to the Regulations for Shares Listing and Exchange of SolidX Bitcoin Shares Issued by the VanEck SolidX Bitcoin Trust", and that this proposal ( SR-CboeBZX-2018-040) was withdrawn Tuesday (January 22nd).
BZX filed with the Commission this proposal to amend the rule on June 20, 2018; this proposal "was published for comment in the Federal Register on July 2, 2018." Since then, VanEck, SolidX and BZX had been waiting for the Commission to approve the proposed rule change, but the Commission was still asking for more time to make its decision and the final deadline would be 27 February.
On January 18, US lawyer Jake Chervinsky, highly respected in the cryptographic community for his excellent comments on the impact of US securities laws on companies that handle cryptobadets, decided to focus on the proposal of the VanEck-SolidX Bitcoin ETF and on the approval / rejection may be (or may not) be affected by the current US government closure (which began on December 22, 2018).
The reason why Chervisnky approached Twitter to comment on this particular Bitcoin ETF proposal and how it could be affected by the current government shutdown is that he had noticed on Twitter "a lot of confusion and misinformation about effect of the closure on the SEC and its process "to deal with the proposals of the ETF. "
The conclusion of his tweetstorm Was: "All I say is that the stop does not improve at all the chances of approval of the ETF. In fact, the opposite. is probably true. "
Shortly after the announcement of the SEC, Chervinsky posted the following tweet:
CBOE withdrew the proposal from ETF VanEck / SolidX Bitcoin (https://t.co/812Ym7U7Hh).
They have not yet given any reason, but the withdrawal implies that they are waiting for a denial and do not want another SEC order setting a precedent for the future. ;to come up.
There will be no Bitcoin ETF in Q1 2019.
– Jake Chervinsky (@jchervinsky) January 23, 2019
Chervinsky's reasoning is logical. Given SEC Chairman Jay Clayton's comment in November 2018 about his concerns about the manipulation of the Bitcoin stock market, even without the current closure of the US government, it would have been unlikely that the Commission has taken action on this or any other proposal. its blessing at any time since most Bitcoin transactions take place on stock exchanges outside of the United States and so it is difficult for the SEC to monitor and control. It is therefore logical that BZX withdraw the application now and save the face instead of making the proposal ultimately disapproved by the Commission.
And a few minutes ago, Gaboracs, Strategist / Director of Digital Assets at VanEck / MVIS sent the following tweet:
The Bitcoin ETF folder has been temporarily removed. We are actively working with regulators and key market players to put in place appropriate market structures for a Bitcoin ETF and digital badets in general. Will keep you informed. pic.twitter.com/o9yiN47ZKe
– Gabor Gurbacs (@gaborgurbacs) January 23, 2019
According to CryptoCompare, at the time of the release of the press release (approximately 23:30 UTC Jan. 23), Bitcoin is trading at $ 3,555, down 0.93% over the past 24 hours. The fact that the market did not react excessively to the announcement of the SEC seems to indicate that a disapproval decision of the Commission had already been taken into account, and since the withdrawal of the change proposed rule is not worse than a total rejection, it makes sense that the market is disappointed but not shocked by what happened today.
Updated January 24th at 05:00 UTC:
In an interview with CNBC's Bob Pisani on Jan. 23, Jan Van Eck, founder and CEO of VanEck, explained why his Bitcoin ETF proposal had been withdrawn:
"Technically, the SEC is affected by the closure so we engaged in a discussion with the SEC about Bitcoin-related issues – conservation, market manipulation, price – and that had to stop, and instead of trying to Something, we just removed the application, and we will re-file and resume discussions when the SEC leaves. "
Featured Image Credit: Photo via Pexels.com
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