SEC: CBOE BZX withdraws VanEck/SolidX ETF application

Posted 18 September, 2019

The most potential candidate to get a green light for an ETF launch – VanEck and SolidX – have reportedly decided to withdraw their application given persisting uncertainties expressed by the US Securities and Exchange Commission. 

The regulator unveiled the notice on September 17 in which it had been stated that CBOE BZX withdrew the request for the rule change which could entail a launch of the ETF on September 13.

"On September 13, 2019, BZX withdrew the proposed rule change (SR-CboeBZX-2019- 004)," the notice reads.

Notably, SEC many times rescheduled final determination on the application of the companies. 

For reference, the deadline for the determination was October 18. 

Along with VanEck/SolidX application, SEC also has to consider the application filed by Bitwise and Wilshire Phoenix. According to the schedule, the decision on these applications must be made on October 13 and September 29 respectively.

SEC has not approved any ETF application over the past two years citing mostly risk of market manipulation and insufficient market control.

In early September the market started discussing rumours that VanEck and SolidX planned to launch limited bitcoin ETF that did not require SEC's approval.

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