A closely-watched proposal to list a bitcoin exchange-traded fund on the Cboe BZX Exchange was withdrawn Wednesday – and the ongoing partial shutdown of the U.S. government appears to be to blame.

As CoinDesk reported, the filing was “temporarily withdrawn”, according to VanEck VanEck director of digital asset strategy Gabor Gurbacs. He also said that “we are actively working with regulators and major market participants to build appropriate market structure frameworks for a Bitcoin ETF and digital assets in general.”

But Jan van Eck, the chief executive officer of VanEck, indicated on CNBC Wednesday that the shutdown’s impact on the Securities and Exchange Commission (SEC) hampered the process between regulators and those seeking the ETF’s approval. According to van Eck, the discussions around the proposal – initially submitted last June and subject to subsequent approval delays – “had to stop.”

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