The VanEck SolidX Bitcoin ETF proposed rule-change has been re-submitted by the Chicago Boards Options Exchange (CBOE). The information was released on Twitter by Gabor Gurbacs, digital asset director at VanEck/MVIS, on January 31st. Back on January 23rd, the CBOE withdraw the proposal to avoid a potential rejection by the U.S. Securities and Exchange Commission (SEC).

CBOE Re-Submits Crypto ETF Proposal

Gabor Gurbacs announced on Twitter the information that most crypto enthusiasts were waiting for. The Bitcoin ETF fule-change proposal has been re-submitted to the SEC.

The cryptocurrency community is waiting for the approval of a Bitcoin exchange-traded fund for a very long time. The SEC has been very clear with its requests to companies submitting ETFs. They’ve informed that they do not want retail investors to have easy access to this Bitcoin ETF. At the same time, the regulatory agency is worried about market manipulation in the cryptocurrency market.

Virtual currencies are assets that have very volatile prices. In many cases, due to low liquidity, the fluctuations are even larger. Thus, the SEC is waiting for the market to be more mature to approve an ETF.

On February 27, the SEC was expected to make a final decision regarding the physically-backed Bitcoin ETF. After a new submission, the SEC can take up to 240 days until taking a final decision. That means that the SEC would have time to decide on this proposal before 2019.

According to Jake Chervinsky, a recognized cryptocurrency lawyer, the SEC has to publish the proposal in the Federal Register. After it, we will be able to know the dates and deadlines that the SEC will have to provide information about this ETF.

This shows that there is still interest from institutions in investing in Bitcoin. Players in the space seem to be sure about the timing to present a Bitcoin ETF. There will be other important events to follow in the coming months. TD Ameritrade informed that they are seeing an increased demand for Bitcoin. This demand increased right after the digital asset dropped under $4,000 back in November 2018.

The Intercontinental Exchange (ICE) is also going to launch the Bakkt platform for institutional investors. The intention is to offer better services to institutions and traditional investors.

At the time of writing this article, Bitcoin is being traded around $3,450 and it has a market capitalization of $60.43 billion.



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