The Chicago Board options Exchange’s (CBOE) BZX Equity Exchange has apparently withdrawn its request for a rule modification by the U. S. Securities and Exchange Commission (SEC). As per an official notice published on January. 23, BZX withdrew a projected rule change that may enable it to list a Bitcoin (BTC) exchange-traded fund (ETF).

ETFs are securities that track a basket of assets proportionately described within the fund’s shares. They’re seen by some as a possible discovery for the mass adoption of cryptocurrencies as a regulated and passive investment instrument.

The ETF into consideration was backed by investment company institution} VanEck and financial services company SolidX. The proposal that was initially filed with the SEC back in June 2018, intimate many delays, as the U.S. monetary watchdog delayed its call on the rule change pursuant to Section 19 of the Securities Exchange Act. A final deadline for the decision was set for February. 27.

A CBOE spokesperson told Top Market Group that the decision to withdraw its request was a result of the U.S. government shutdown because the end of the review amount approaches. Some legal specialists have noted that the SEC are going to be operative on a restricted basis due the shutdown, which is the results of a political impasse over a proposed wall on the U.S.–Mexico border. As per the spokesperson, CBOE plans to re-submit a filing at a later date.

As per an SEC filing, the value of every share of the VanEck SolidX Bitcoin Trust is about to $200,000. SolidX chief executive officer Daniel H. Gallancy said that the high value reflects the fund’s intention to focus on institutional, instead of retail investors.

Some experts have expressed doubt over the long run of a Bitcoin ETF. Last week, crypto entrepreneur and regular CNBC contributor Brian Kelly said that there's “no shot” for Bitcoin ETF approval in 2019.

Kelly said that the SEC is unlikely to alter from its sceptical position toward crypto ETFs, as “there is too much that's unresolved.” As per the analyst, it'll take more than a year to settle existing problems.

SEC commissioner Hester Peirce — dubbed “Crypto Mom” for her dissent with the commission’s decision to reject a Bitcoin ETF proposed the Winklevoss twins — said that a Bitcoin ETF is “definitely possible,” however it may take a while:

“Definitely possible may be 20 years from now or it may be tomorrow. Don’t hold your breath. The SEC took a long time to [establish] Finhub. It would take even longer to approve an exchange listed product.”

The story is developing and will be updated with more details.

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