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The request to the SEC under Bitcoin-ETF contracts has been revoked

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Already on February 27, the SEC was to make a final decision on the Bitcoin-ETF contracts. However, the situation has changed dramatically. The Chicago Stock Exchange has withdrawn the request to register a financial instrument. The motives that guided the CBOE are not fully understood.

The story has no answer yet

In the summer of 2018, three large companies filed with the SEC a consolidated application for registering Bitcoin-ETF. VanEck, SolidX, and CBOE Chicago Exchange have developed a completely new financial instrument. It was built on the principle of physical delivery of an asset.

After buying the futures, the buyer could get a wallet with a certain amount of cryptocurrency. The cooperation of the three companies made it possible to implement this complex plan, and therefore there was no doubt about the approval of the Securities Commission. However, the SEC postponed the final decision twice. Finally, February 27 was the deadline.

If the regulator does not make a verdict on this day, the financial contract was considered approved. As a result, VanEck, SolidX and CBOE were given the right to launch the tool into operation. However, the companies decided to withdraw their application. This was announced by SEC Deputy Secretary Eduardo Aleman.

What actually happened

While the general public has not received comments from representatives of the Chicago Stock Exchange. However, Jan van Eck introduced some clarity, which is VanEck CEO. He said that this withdrawal of the request is a necessary temporary solution. It is due to the fact that now the SEC has suspended work.

In this regard, it is worth recalling that in the US, the shutdown continues. Government agencies are not working because of the controversy between Congress and Donald Trump regarding the construction of a wall on the border with Mexico. That is, the Securities Commission is functioning in emergency mode.

Its members do not have time to make an informed decision. A decision on Bitcoin ETF should be made until February 27. Therefore, VanEck, SolidX and CBOE simply did not apply pressure. In favour of this version of the figures speak. After the news of the withdrawal of the request came, the price of Bitcoin did not actually change. A pair of BTC / USD is trading around $ 3530.00.

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