CBOE’s Revised ETF Proposal likely Enclose SEC’s Guidelines – Says US Attorney

By Tabassum
Published February 1, 2019 Updated February 1, 2019
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CBOE’s Revised ETF Proposal likely Enclose SEC’s Guidelines – Says US Attorney

By Tabassum
Published February 1, 2019 Updated February 1, 2019

Since CBOE has resubmitted its Bitcoin Exchange traded fund (ETF) in a joint proposal with VanEck and SolidX, it is likely that the revised proposal contains all aspects that the SEC shared them previously.

Revised Filing Might Contain SEC’s Concern


Jake Chervinsky, a lawyer and US Government Defense Counsel who shares frequent updates regarding SEC on crypto regulations, ETF and other such updates also talks about the revised proposal of CBOE. In response to a question that asked ‘if the revised submission’ contains any new or tweaked information, he says; ‘yes, it looks like’.

However, the re-submission announcement hit the market when Gabor Gubacs, digital asset strategy head at VanEck shared a tweet on Jan 31, 2019. It is noticed that the new filing comes exactly a week after it had withdrawn the proposal following the US Govt shutdown.

Will SEC Approve VanEck’s New Filing?

Moreover, if the filing is approved by SEC, it will enable Cboe BZX exchange to list shares of bitcoin ETF trust. As far as the approval is considered, there is no difference with the timeline as to when SEC will announce its decision. Because it has yet to publish the proposal in the Federal Register to proceed further. In similar regards, Jake says that;

It’s the same timeline as always. First, we have to wait for the SEC to publish the proposal in the Federal Register, and then we’ll know all the dates and deadlines from there.

When the proposal withdrew on Jan 23, 2019, the CEO, Van Eck indicates the reason behind pulling off the application is ‘Government shutdown’. However, the SEC declared February 27 as the probable date to wrap up the decision about the rule change. As per Jake, it is not possible to finalize anything before the deadline but he is quite optimistic that the VanEck ETF to be the first ETF to get approval from the SEC.

Nevertheless, Jake continued that CBOE’s decision for new filing is not a waste of time. Indeed it is quite improved. We would more likely receive final deadline in early October, he says.

The timeline for the SEC’s decision won’t be set until the proposal is published in the Federal Register, but assuming that happens soon, we’re looking at a final deadline in early October. Jake tweeted while quoting VanEk’s revised ETF tweet.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com

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