What are the reasons for cancellation the launch of Bitcoin-ETF in the US?

The Chicago Board Options Exchange (Cboe) withdrew a bid to launch Bitcoin-ETF from VanEck and SolidX companies. The U.S. Securities and Exchange Commission (SEC) issued a notice on the evening of January 23. The reasons for this decision are not reported.

According to lawyer Jake Chervinsky, the trading platform expected refusal and didn’t want, that regulator’s negative decision to further affect the cryptocurrency market. The specialist stressed that Bitcoin-ETF will not be in the first quarter of 2019. He said in December, that the chances for approval of a new financial instrument don’t exceed 10%.

VanEck and SolidX compamies applied application for the launch of Bitcoin-ETF in June 2018. The SEC postponed the taking decision several times. The commission planned to adopt a final decision on February 27. However, the SEC didn’t have the opportunity to study the proposal due to government shutdown. Therefore, some experts believe that commission would accepted a negative decision.

An entrepreneur and expert at CNBC Brian Kelly suggested last week, that there is practically no chance of approval cryptocurrency ETFs in 2019. Many experts, such as billionaire Mike Novogratz, Fundstrat founder Tom Lee and investor Ric Edelman suggest, that the launch of Bitcoin-ETF could trigger a new wave of cryptocurrencies value growth and bring the industry to a new level.

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