A story that seems to have no end: CBOE, VanEck and Solid X submit an application for Bitcoin ETF once again. Nevertheless, the timeline has been “reset,” and that gives the SEC another 240 days to make up their minds regarding the approval or rejection of the derivative.
The reason for the withdrawal of the application for Bitcoin ETF on January 23 is said to be the US government's shutdown. Experts suggested that the derivative would be “automatically approved” due to the government’s inability to conduct a thorough verification process, but VanEck CEO Jan VAN ECK decided to withdraw the application due to the assumption that the government’s shutdown would lead to the rejection instead.
A late decision gives the SEC more time to assess the situation on the market carefully. If the industry can achieve a level of stable growth that was in 2015, this should increase the chances of ETF approval as the crypto market has become less subject to a risk of manipulation and more stable for institutional investors.
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