US SEC Triggers Delay in Franklin Templeton’s Bitcoin ETF Decision
The US Securities and Exchange Commission (SEC) has announced a delay in making a decision on Franklin Templeton’s proposed spot bitcoin Exchange Traded Fund (ETF). This update came earlier than the expected deadline of January 1, 2023. This raises the question of whether there is a streamlined process for approving multiple spot Bitcoin ETF filings.
Public Input Requested for Franklin Templeton Application
The SEC has called for public input on Franklin Templeton’s proposed spot ETF filing. The agency initiated proceedings to determine whether the rule change to list Franklin Bitcoin ETF should be approved or disapproved. This delay in decision-making is also seen in other Bitcoin ETF filings, including those from Blackrock and Fidelity. Analysts believe there may be more to this update than meets the eye.
Similar Update on Hashdex ETF Filing
The US SEC has also provided a similar update on the Hashdex ETF filing, instituting a public comment period. This suggests that a full wave of spot Bitcoin ETF approvals may be coming soon.
Potential Wave of Approvals by January 2024
Analysts speculate that the early decision on Franklin Templeton and Hashdex could set the stage for a wave of approvals as early as January 2024. However, approvals may not necessarily lead to immediate launch, and there is still a possibility of applications being denied before the deadline.
Optimism in the Crypto Market
Reports of Blackrock representatives meeting with US SEC officials regarding the spot ETF filing have increased optimism in the crypto market.
Hot Take: A Potential Turning Point for Bitcoin ETFs?
The recent developments with Franklin Templeton and Hashdex filings indicate a potential turning point for Bitcoin ETFs. The SEC’s actions suggest that there may be a streamlined process for approving multiple spot Bitcoin ETFs, which could lead to a wave of approvals in the near future. However, it remains to be seen whether these approvals will result in immediate launches or if there are any potential denials before the deadline. Nonetheless, the crypto market is hopeful and anticipating positive outcomes.
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