VanEck executives spoke to the media about the recent withdrawal, the reason as well as future plan.
Following the recent withdrawal of proposed rule change that would have allowed VanEck Bitcoin ETF listing by CBOE, BZX Exchange just a couple hours ago, statements have been made by executives from VanEck.
VanEck’s director of digital asset strategy, Gabor Gurbacs said in an email to Coindesk that they have decided to withdraw the proposal.
“We are actively working with regulators and major market participants to build appropriate market structure frameworks for a Bitcoin ETF and digital assets in general,” Gurbacs said, as quoted by Zycrypto.
Confirming the statement, VanEck’s CEO, Jan Van Eck said that the proposal was withdrawn, after the company had a discussion with the Securities and Commission Exchanges (SEC) due to the government shut down.
However, he assured that it will be resubmitted at a later date. Quoting his statement, “We were engaged in discussions with the SEC about the bitcoin-related issues, custody, market manipulation, prices, and that had to stop. And so, instead of trying to slip through or something, we just had the application pulled and we will re-file when the SEC gets going again.”
A prominent lawyer in the country, Jake Chervinsky also commented on the recent withdrawal, saying that the withdrawal implies that they expected denial and didn’t want to set bad precedent for the future.
CBOE has withdrawn the VanEck/SolidX bitcoin ETF proposal (https://t.co/812Ym7U7Hh).— Jake Chervinsky (@jchervinsky) January 23, 2019
They haven't given a reason yet, but withdrawal implies that they expected denial & didn't want another SEC order setting bad precedent for the future.
There will be no bitcoin ETF in Q1 2019.
As of writing time, the market doesn’t seem to overreact to the news, with Bitcoin hovering at $3,572.22 and losing only -0.87% in the last 24 hours.