Chicago Board and Options Exchange (CBOE) has resubmitted the VanEck SolidX Bitcoin ETF proposed rule-change to the U.S Securities and Exchanges Commission (SEC).
CBOE’s resubmission was confirmed by Gabor Gurbacs, digital asset strategist at VanEck investments and comes as a relief to crypto investors who were already giving up hopes of seeing a Bitcoin ETF happening in 2019.
Meanwhile, it was only eight days ago that the exchange withdrew its original application citing the U.S government shutdown late last year.
The SEC set an earlier February 27 deadline for deciding the original application but would have found it nearly impossible to make the right call because of the one month of inactivity.
So, CBOE opted to withdraw its proposal to avoid any auto-rejection of the application. The exchange first filed for the rule change in June 2018 but was made to wait a long time for regulatory approval or disapproval before eventually pulling out.
With the latest filing, however, the exchange has potentially given the SEC more time to arrive at the right conclusion that would be in line with the current growth levels of the crypto ecosystem.
The new filing will also be the second proposed rule change to list a Bitcoin ETF on a major U.S stock exchange. Stmarket.co reported earlier this month that crypto startup, Bitwise Asset Management planned to file for a Bitcoin ETF proposal with the U.S SEC.
Since then, The New York Stock Exchange (NYSE) Arca, on which the ETF product would trade has submitted the application and will patiently wait for a decision now that the Commission has fully resumed operation.
Either way, the SEC will likely announce a decision either in favor or against the two ETF proposals, toward the end of the year or in early 2020.
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