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United States Securities and Exchange Commission (SEC) has denied innumerable proposals from many financial institutions regarding the Bitcoin exchange traded funds. Whenever the proposal is rejected, it is postponed for a later date of approval and slightly more likely to be approved.
As previously reported by IIBOn January 22, 2019, the Chicago Options Commission (CBOE) withdrew its proposal for the Bitcoin ETF and a request to change the rules. This situation was largely related to the closure of the US government, which limited its operation. .
However, it appears that CBOE and other institutions are not abandoning a Bitcoin ETF because they have made a new request with the investment firm VanEck and the financial services company SolidX. common rule change proposal approve a Bitcoin ETF.
The rule change proposed by the VanEck SolidX Bitcoin ETF was submitted by CBOE. Hard work of all teams involved. Public document: https://t.co/X25lOPjiFS pic.twitter.com/C9FP4adDE8
– Gabor Gurbacs (@gaborgurbacs) January 31, 2019
The approval of a Bitcoin ETF is highly sought after by members of the cryptocurrency sector, as it could potentially be a giant leap for the mbadive adoption of cryptocurrencies as a pbadive investment instrument regulated.
Indeed, ETFs are considered securities that track a basket of financial badets from equities, commodities and bonds, and include billions of dollars of investment from pension funds and investors. If a Bitcoin ETF is approved, it will consolidate Bitcoin as a viable badet clbad among traditional investors.
CBOE and NYSE Race for an approval of Bitcoin ETF
The CBOE was already well engaged in the review process before withdrawing their BitCoin ETF Rule Change Proposal Request. However, now that they have resubmitted their proposed rule change and application to Bitcoin ETF, they are in direct competition with NYSE Arca and Bitwise for SEC approval of a Bitcoin ETF.
A few days before the CBOE re-applies, NYSE Arca and Bitwise submitted a Bitcoin ETF proposal, which means that the two competing exchanges are in the running for the launch of the first Bitcoin ETF in the United States.
However, as both applications have not yet been officially listed in the Federal Register, the race has not started yet. Once they are registered in the Federal Register, the SEC has 240 days to approve or reject the application.
Throughout the 240-day review process, Bitcoin ETFs could be approved, but if this review process looks like the past, these Bitcoin ETFs will be rejected each time and people will look forward to the final date.
Do you think the SEC will approve a Bitcoin ETF in 2019? Will they constantly push back their decision until the last possible date? Tell us what you think in the comment section below.
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