SEC Delays Decision on Bitcoin ETF Applications
The United States Securities and Exchange Commission (SEC) has announced a delay in its decision on the proposed spot Bitcoin exchange-traded fund (ETF) applications by Franklin Templeton and Hashdex. This delay extends the timeline for the last two of 12 spot Bitcoin ETF applicants, who were awaiting their second deadline decision by January 1. Except for ARK Invest, which has its final deadline on January 10, all other applicants are now waiting for their third deadline.
Public Input Requested
The SEC is seeking public input on these proposals by requesting written comments on the applicants’ Forms 19b-4. The regulatory document for listing and trading securities is separate from the offering prospectus. The SEC has opened a 35-day period for both comments and responses to comments.
Bitcoin ETF Approval Expected in Early January
Bloomberg ETF analyst James Seyffart expressed surprise at the SEC’s early decision on Franklin Templeton’s application. He suggested that this move might set the stage for a wave of approvals in early January. Seyffart also hypothesized that the SEC may be aiming to approve all applicants by the January 10 deadline.
Finance lawyer Scott Johnsson provided his insights into the SEC’s early decision, suggesting that it was likely aimed at concluding the comment period before January 10 to enable simultaneous approvals. He explained that this sets up an approval open period sometime after January 2 and before January 10.
Franklin Templeton has also submitted an updated prospectus for their spot Bitcoin ETF, reinforcing the narrative that the SEC is preparing to align the approval of all 12 applicants for a uniform launch date.
Hot Take: SEC Delays Bitcoin ETF Decisions, Setting Stage for Potential Approvals in Early January
The SEC’s decision to delay the approval of spot Bitcoin ETF applications by Franklin Templeton and Hashdex has extended the timeline for these applicants. The SEC is seeking public input on the proposals, opening a 35-day period for comments and responses. Analysts suggest that the early decision on Franklin Templeton’s application could pave the way for a wave of approvals in early January. The SEC may be aiming to approve all applicants by the January 10 deadline. Franklin Templeton has also submitted an updated prospectus, indicating that the SEC is preparing to align the approval of all 12 spot Bitcoin ETF applicants.
By
By
By
By
By