CBOE takes back request of rule change for VanEck-backed Bitcoin ETF

The United States’ Security and Exchange Commission (SEC) in a recent statement gave a breaking news into the crypto verse. The Chicago Board Options Exchange or the CBOE BZX Equity Exchange has unexpectedly withdrawn their request for a rule change.

Furthermore, the request for the rule change made in the last year’s month of June. It is notable that the request for the rule change would bring into existence a highly awaited entity. The request for the rule change would have brought to existence a Bitcoin based Exchange Traded Fund (ETF). The Bitcoin BTF was going to be in support by the investment firm VanEck and the financial service company SolidX.

Why was the request for changing the rule withdrawn?

The highly trending, and more than that, the highly awaited Bitcoin Exchange Traded Fund (BTF) will not be a reality in the first quarter of this new year. Furthermore, this has become a constant point of disappointment to some of the credible individuals of the crypto verse.

The news of CBOE withdrawing this request for changing the rule for creating this Bitcoin ETF came on January 22. We can describe Exchange Traded Funds (ETF) as a basket of security which any type of investor uses to track securities. Any one can buy or sell it on stock exchange. Furthermore, cryptocurrency enthusiasts saw it as the first step of mass adoption of cryptocurrency digital assets as a whole.

Gabor Gurbacs, Director of Digital Assets Strategy at VanEck is saying that the withdrawl is temporary. It comes into light that they are working with market participants and the financial regulators to carve an infrastructure suitable for a Bitcoin ETF.

Although, Jan van Eck, the Chief Executive Officer of VanEck is claiming that the recent and still ongoing government shutdown is responsible for delaying everything.