The Cboe BZX Exchange has officially retracted its application for a rule change with the U.S. Securities and Exchange Commission (SEC). This move would have paved the way for listing Global X’s spot Bitcoin exchange-traded fund (ETF). Initially filed in August 2023, the application encountered multiple delays, with the SEC extending the review period in September and November. However, on January 26, Cboe BZX withdrew its proposal entirely.
SEC’s Mixed Signals on Spot Bitcoin ETFs
This withdrawal comes amidst a complex backdrop, marked by the SEC’s recent approval of spot Bitcoin ETFs on U.S. exchanges for the first time on January 10. Despite this progress, the regulatory landscape remains uncertain, as indicated by the SEC’s decision to postpone its verdict on Grayscale’s spot Ether ETF and other similar products from asset managers like BlackRock. These developments have sparked widespread speculation about the future of cryptocurrency ETFs in the U.S. market.
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