CBOE initially withdrew their request for a rule change to list a Bitcoin ETF on Jan. 23. A CBOE spokesperson told Cointelegraph that the same was done due to the U.S. government shutdown as the end of the review period on Feb. 27 approached. Some legal experts noted at the time that the SEC was operating on a limited basis due the shutdown, that happened due to a political impasse over a proposed wall on the U.S.–Mexico border.
The application has been through several delays as the SEC pushed back its decision on multiple occasions. Initially, the firm filed the first with the SEC to list a Bitcoin-based ETF on June 6, 2018. In August, the commission delayed its decision on listing the ETF until Sept. 30.
The commission also requested comments regarding the decision, citing that the agency has not “reached any conclusions with respect to any of the issues” on the rule change. In December, the decision further delayed again and as the proposed rule change was first published in the Federal Register on July 2, 2018, the maximum period of consideration fell 240 days later, on Feb. 27, 2019.