Spot Bitcoin Exchange Traded Fund recommended by SEC Franklin Templeton (ETF) has triggered a delay in making a decision on the issue, the onus is now on the next deadline. More importantly, the SEC provided the update on Franklin Templeton well ahead of its January 1, 2023 deadline. Does this mean spot Bitcoin ETF applications are being streamlined for mass approval?
Public Comment Receiving on Franklin Templeton Application
Previously, the SEC had called for public input on Franklin Templeton’s proposed spot ETF filing. In an order issued on November 28, 2023, the SEC said it had initiated proceedings to determine whether to approve the proposed rule change to list the Franklin Bitcoin ETF. This is in line with the delay in the adjudication of all other Bitcoin ETF applications, including those from Blackrock and Fidelity. But Bloomberg analyst James Seyffart believes there is more than meets the eye when it comes to the delayed update on the Franklin Templeton application.
Koinfinans.com As we reported, following the postponement announcement regarding Franklin, the US SEC also made a similar update regarding the Hashdex ETF application. The Commission has initiated public comment on the Hashdex Bitcoin Futures ETF application.
Is the Full Wave of Spot Bitcoin ETF Decisions Approaching?
According to James Seyffart, a super early decision by the SEC on Franklin Templeton and Hashdex could mean the stage is set for a full wave of approvals as early as January 2024. Like this said,
“This delay on Hashdex confirms to me that this is likely a move to queue up all applicants for potential approval by January 10, 2024.”
However, he cautioned that approvals could potentially be granted without immediate launch. The Bloomberg analyst also flagged the possibility of applications being rejected before the January 10, 2024 deadline. On the other hand, crypto- The market turned more optimistic after news emerged that Blackrock representatives were in talks with US SEC officials about filing a spot ETF.