Bitcoin ETF plans scrapped for now
Chicago exchange CBOE pulls back its request for part-shut SEC to produce necessary change to rules.
An exchange traded fund reflecting the Bitcoin price would help the traditional wholesale finance community to integrate the cryptocurrency economy into the everyday goings of big business. Or that was the idea, report media including Cointelegraph.
SEC handling too slow
Behind the initiative was investment firm Vaneck together with financial services provider Solid X. The trade was to take place on CBOE’s equity marketplace BZX.
They filed a request for a rules change by the US Securities and Exchange Commission (SEC).
Filing was withdrawn
However, after delays caused by president Donald Trump’s partly shutdown of federal administration came to cause serious delays, a spokesman for CBOE now admits to Cointelegraph that the request has been withdrawn.
The share price of the would-be ETF was planned at $200 000, reflecting that the product would be targeting institutional investors alone.