Direxion, ProShares, VanEck Withdraw Bitcoin ETF Plans

Direxion, ProShares and VanEck are among a handful of ETF issuers that have withdrawn filings to launch bitcoin ETFs at the request of U.S. regulators. The Securities and Exchange Commission (SEC) requested the issuers withdraw their filings.

The news of the withdrawn plans for cryptocurrency ETFs comes just days after the SEC said it is soliciting comments from the investing public on two proposed rules changes that could prompt the long-awaited introductions of bitcoin ETFs.

The SEC is seeking input on proposed rules changes by the Chicago Board Options Exchange (Cboe) that could allow the exchange to list up to four bitcoin ETFs. Cboe was the first exchange operator in the U.S. to introduce futures based on the volatile digital currency, having done so last month.

Direxion Shares ETF TrustExchange Listed Funds Trust and ProShares Trust all filed to create exchange-traded products in the past month. Yet notably, none of the proposed offerings would have held bitcoin directly – rather, their price movements would have been driven by changes in the still-nascent market for bitcoin futures,” reports Coindesk.com.