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CBOE and VanEck Re-apply for Crypto ETF

Reading Time: 2 minutes by on February 2, 2019 Bitcoin, Business, Commentary, Development, Finance, News, Regulation

After previously withdrawing their application due to the government shutdown, CBOE and VanEck have re-applied for a crypto ETF from the SEC on January 31, 2019.

One More Try

There has been a long and drawn out battle to secure a cryptocurrency ETF from the SEC. Firm after firm has applied and have been repeatedly denied. Now it seems Chicago Board Options Exchange’s (CBOE) and VanEck, an investment firm, are giving the ETF application another try after previously withdrawing their application on January 23, 2019. On January 31, 2019, they put in their application again.

Their initial reason for withdrawing their application was put down to the then-ongoing government shutdown during which the SEC was only open on a limited basis, even as the February 27, 2019 deadline for review approached. This was not the only setback the CBOE and VanEck have experienced in their pursuing an ETF either. The companies first filed for a crypto ETF on June 6, 2018.

Back and Forth

The following month after their initial filing, the SEC announced that the decision to list the ETF was being pushed back until September 30, 2018. Another delay occurred when the Commission then asked for more input regarding the possible listing of the ETF.

“The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,’ and ‘to protect investors and the public interest,” the statement said.

On December 6, 2018, the commission announced yet another delay of the decision and set a deadline for February 27, 2019.

“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” they said.

At that time, rumors of approval had reached fever-pitch as there were public meetings between SEC officials and representatives from firms such as VanEck, SolidX and CBOE, and memorandums from the meetings were even published on the SEC website.

As the deadline looms, there is even more uncertainty surrounding a possible ETF but many in the industry are simply hoping for the best.

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