CBOE Halts Bitcoin ETF Plans Amid Government Shutdown and Other Crypto Developments

CBOE Withdraws BTC ETF Request

The Chicago Board Options Exchange (CBOE) has pulled the plug on its request for a rule change with the SEC that would have allowed them to list a Bitcoin ETF. Why, you ask? Well, blame it on the U.S. government shutdown. With the end of the review period fast approaching and not a single agency able to efficiently operate, CBOE decided it was best to hit the pause button. They plan to resubmit their proposal, backed by VanEck and SolidX, once the dust settles.

Bitcoin’s Future: A Shift from Proof-of-Work

New research from the Bank of International Settlements (BIS) suggests that Bitcoin’s woes can’t be fixed without ditching its proof-of-work model. According to the report, when Bitcoin’s block rewards hit zero—a.k.a. the ultimate hustle—transaction fees might not cover mining expenses. Sure, there are cool second-layer solutions like the Lightning Network, but BIS argues that a full shift from proof-of-work is the only real solution to keep the network running smoothly.

Wyoming’s Crypto Legislation

Meanwhile, the Cowboy State isn’t just known for rodeos and ranches; it’s also stepping into the crypto arena. Wyoming has introduced a bill that aims to define cryptocurrency assets and provide a path for banks to offer custodial services for these digital goodies. The proposed legislation classifies crypto into three categories: digital consumer assets, digital securities, and virtual currencies, treating them as intangible personal property. If it passes, banks will have the green light to operate as custodians for digital assets, provided they give a heads-up to the commissioner.

McAfee’s Maritime Campaign

John McAfee, the enigmatic crypto entrepreneur, claims he has fled the country to avoid IRS trouble—yes, again. He’s now conducting his 2020 presidential campaign from a boat, presumably sipping a piña colada and dodging tax collectors. McAfee alleges that the IRS has convened a grand jury against him, but that hasn’t stopped him from announcing he’s been living tax-free for eight years. Forget billboards; it sounds like he’s taking his campaign to high seas!

Bithumb’s Ambitious Plans to Go Public

In other crypto buzz, Bithumb, a major crypto exchange, is setting its sights on the U.S. market through a reverse merger with Blockchain Industries. If this ambitious plan comes to fruition, it would mark a historic moment as the first crypto exchange to publicly list in the U.S. The goal? To eventually graduate from the OTC markets to bigger leagues like the NYSE or Nasdaq. Now that’s what we call aiming high!