VanEck Makes An Unexpected Announcement: Bitcoin ETF Proposal Is Withdrawn

Back at the beginning of this year, the SEC Commissioner Hester Peirce was bringing some pretty exciting news to the cryptosphere.

Her speech from back then showed everyone that she’s still pushing for a BTC ETF approval and more crypto-friendly regulation.

Lack of clarity and regulation have been keeping mass adoption away

The lack of clarity and regulation are just some of the reasons which keep mass adoption of the digital assets one step away.

The SEC Commissioner Robert J. Jackson has recently said in an interview that he believes that BTC ETF will eventually be approved.

His comments surfaced after the SEC rejected many proposals based on issues such as the crypto ecosystem’s liquidity, price manipulation and also concerns regarding custody.

VanEck withdraws BTC ETF proposal

Now, the online publication the Daily Hodl reported that CBoe BZX Exchange shocked everyone when it withdrew its pending VanEck SolidX Bitcoin exchange-traded fund (ETF) proposal.

According to the filing, the company withdrew its proposed rule change to list shares of the VanEck SolidX Bitcoin Trust on September 13 and it also scrapped a final deadline of October 18 by the US SEC.

The online publicaiton mentioned above notes that this would have delivered either an approval or a rejection of the proposal.

If this had been approved, it would have been the very first regulated BTC ETF in the US.

Before this move was made, the Bitcoin ETF was plagued by various delays and a previous withdrawal in January amidst uncertainty due to an ongoing government shutdown.

Gabor Gurbacs, the digital asset director at VanEck stated the following as reported by the Daily Hodl:

“We are committed to supporting Bitcoin and Bitcoin-focused financial innovation. Bringing to market a physical, liquid and insured ETF remains a top priority. We continue to work closely with regulators & market participants to get one step closer every day.”

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