Franklin Templeton Moves Closer to Spot Ethereum ETF Approval
Franklin Templeton is making progress towards the approval of its spot Ethereum ETF as the United States options exchange CBOE has filed a 19b-4 on its behalf. This filing is a step towards proposing a rule change to list a new spot ETF product for Ethereum. It includes details of the proposed rule change and information on its potential impact, and it is submitted to the SEC by the national securities exchange.
Earlier, Franklin Templeton expressed its interest in offering a spot Ethereum ETF by submitting a filing with the U.S. SEC. This move followed similar filings from BlackRock and Ark Invest. Franklin Templeton aims to provide an alternative for ETH investment, simplifying the process of purchasing, holding, and trading digital assets across multiple platforms.
While the SEC has not shown any intentions of approving the offering, the filing of Form 19b-4 indicates progress in Franklin Templeton’s efforts.
Progress Towards Approval of Spot ETH ETF
The submission and amendments from issuers prior to SEC approval were seen in the case of spot Bitcoin ETFs earlier this year.
The crypto community believes that there is a high chance of the SEC approving the spot Ethereum ETF by May 23, according to Bloomberg ETF analysts’ projections.
The SEC has delayed its decision on Grayscale’s Ethereum ETF application as well as BlackRock’s. Fidelity Investment’s spot Ethereum ETF decision has been postponed to March 4. Franklin Templeton, being the only applicant to have made the 19b-4 move so far, may have an advantage in terms of approval.
However, it is worth noting that the SEC may choose to approve all spot Ethereum ETF applications simultaneously, as it did with spot Bitcoin ETFs.
Hot Take: Franklin Templeton’s Progress Towards Spot Ethereum ETF Approval
Franklin Templeton’s filing of a 19b-4 on behalf of its spot Ethereum ETF is a significant step towards approval. While the SEC has not indicated its intentions, this progress indicates that Franklin Templeton is moving forward in its efforts. If approved, the spot Ethereum ETF would provide investors with a simplified way to invest in and trade ETH across various platforms. The crypto community is optimistic about the chances of approval, and Franklin Templeton’s early move may give them an advantage over other potential issuers. Keep an eye on further developments in this space as the SEC’s decision approaches.
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