Franklin Templeton files for spot Bitcoin ETF with SEC
Franklin Templeton has submitted a filing to the US Securities and Exchange Commission (SEC) to request approval for a spot Bitcoin exchange-traded fund (ETF). The asset manager, with over $1.5 trillion in assets under management (AUM), aims to list its Franklin Bitcoin ETF on the Cboe BZX Exchange. The company has named Coinbase as its brokerage partner and custodian for Bitcoin, while proposing the Bank of New York Mellon to hold the fund’s cash capital. Franklin Templeton joins other Wall Street giants like BlackRock and Fidelity in seeking approval for a spot Bitcoin ETF. The SEC has previously rejected such applications, but recently faced a lawsuit ruling that criticized its inconsistent treatment of similar products.
SEC must re-review Grayscale’s spot Bitcoin ETF bid
The US Securities and Exchange Commission (SEC) must re-review Grayscale’s bid to launch a spot Bitcoin exchange-traded fund (ETF), following a recent ruling by a panel of judges. The panel ruled that the SEC had been inconsistent in its treatment of similar products, approving Bitcoin futures ETFs while rejecting spot Bitcoin ETF applications. However, the ruling does not guarantee the approval of Grayscale’s bid. The SEC must now reconsider the application and make a decision based on new grounds. SEC Chair Gary Gensler, meanwhile, stated that the commission is reviewing the panel’s decision and looking forward to staff recommendations. There are currently numerous Bitcoin ETF filings awaiting the SEC’s decision.
SEC Chair accuses digital asset industry of non-compliance
During a US Senate hearing, SEC Chair Gary Gensler accused the digital asset industry of “wide-ranging non-compliance.” Gensler made this statement both in written testimony and while speaking to policymakers at the hearing. His remarks came in response to questions about the recent ruling on Grayscale’s spot Bitcoin ETF bid. Gensler emphasized that the SEC is reviewing the decision and considering multiple spot ETP filings. The SEC’s stance on digital assets has been a subject of debate, particularly regarding the approval of spot Bitcoin ETFs. There are currently over a dozen Bitcoin ETF filings awaiting the SEC’s decision, as well as bids for spot Ethereum and Ethereum futures funds.
Hot Take: Franklin Templeton’s spot Bitcoin ETF filing highlights growing interest
Franklin Templeton’s filing for a spot Bitcoin ETF with the US Securities and Exchange Commission (SEC) further underscores the growing interest in this type of investment product. As a major asset manager with significant AUM, Franklin Templeton’s move reflects the desire to meet investor demand for direct exposure to Bitcoin without the need for custody or storage of the cryptocurrency. The SEC’s history of rejecting spot Bitcoin ETFs has raised questions and confusion among crypto proponents and the courts alike. The recent ruling on Grayscale’s bid adds another layer of complexity to the regulatory landscape. It remains to be seen how the SEC will navigate these challenges and whether it will eventually approve a spot Bitcoin ETF.
By
By
By
By