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Path to first SEC-approved bitcoin ETF diverges as VanEck withdraws and Bitwise charges ahead

If VanEck and SolidX’s withdrawal of their exchange-traded fund (ETF) proposal says anything about the crypto market, it’s that the Securities and Exchange Commission’s suspicion over cryptocurrencies may be more abiding than anticipated. 

A Sept. 17 filing shows that VanEck and SolidX retracted their ETF proposals last Friday, although in the eyes of Bitwise COO Teddy Fusaro, the withdrawal is “not that surprising.”

“From a process perspective, you have two options if you think your application is going to be disapproved. You can either choose to withdraw it with the intention of submitting it again at a later date, or you could go through the disapproval process,” Fusaro told The Block. 

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