The race to launch the first U.S. bitcoin exchange-traded fund (ETF) is back after CBOE resubmitted its VanEck/SolidX ETF proposal for SEC approval. VanEck digital asset strategy lead Gabor Gurbacs, announced Thursday that if the Jan. 30 filing is approved by the Securities and Exchange Commission, it would allow the Cboe BZX Exchange to list shares of a bitcoin ETF trust. Coindesk reports that many proponents of a bitcoin ETF believe the fund will generate fresh money into the space, creating a more liquid market.
Due to the United States government shutdown, the proposal was withdrawn earlier this month. According to VanEck CEO Jan van Eck, the companies filing the rule change proposal were in talks with SEC at the time, though these talks came to a close once the shutdown began. To avoid a probable rejection thanks to the closure, the proposal was withdrawn, as Coindesk notes.
Before the ETF proposal was withdrawn, the SEC needed to reach a final decision by Feb. 27, after it already extended its examination period a few times. Now, since the rule change proposal has not yet been published in the Federal Register, the clock hasn’t started for the SEC to make a decision. Once the proposal is published, the SEC will have up to 240 days to either approve or reject the proposal.