SEC Begins Public Comment Period on Bitcoin ETF Applications from Franklin Templeton and Hashdex
The Securities and Exchange Commission has initiated a public comment period on spot bitcoin exchange-traded fund applications. The two firms in line for the ETF approval are Franklin Templeton, a Wall Street investment-management firm, and Hashdex, a Brazil-based cryptocurrency-focused investment firm. The announcement came on Nov. 28. The SEC typically has 240 days to either approve or deny an ETF filing.
Securities Exchange Commission Initiates Public Comment Period
The SEC has begun the public comment period on spot bitcoin ETF applications from Franklin Templeton and Hashdex. The date of the announcement was Nov. 28. The public comment period is a part of the SEC’s process when considering whether to approve or deny exchange-traded fund applications.
Fast-Tracking the Process
The SEC revealed that it wasn’t due for another decision on Franklin Templeton’s application until Jan. 1. Starting the public comment period earlier might indicate that the SEC is accelerating its timeline for an “anticipated spotcoin” ETF approval. According to Bloomberg analyst James Seyffart, the SEC opening its comment period “all but confirms for me that this was likely a move to line every applicant up for potential approval the Jan. 10, 2024 deadline.”
Franklin Templeton’s Application
Franklin Templeton first filed for a spot bitcoin ETF in October. The firm has $1.5 trillion in assets under management. The application was previously delayed on Nov. 15. On Nov. 29, Franklin Templeton amended its prospectus to respond to the SEC questions and concerns about the application.
Spot Bitcoin ETFs
Throughout recent years, asset managers have been attempting to roll out a spot bitcoin ETF. The SEC used to deny or delay those funds based on market manipulation and investor protection concerns. However, after the SEC lost a lawsuit to Grayscale Investments in August, it has been working more closely with about a dozen firms to potentially bring the funds to market. Many hopeful firms, including ARK Invest’s Cathie Wood, believe the SEC will approve multiple applications all at once to avoid giving any single firm a first-mover advantage.
Contact Information
Readers can reach out to Lucy Brewster at [email protected]. For more information about the original article, visit etf.com.
I’m a cryptocurrency and blockchain technology journalist. My work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and VentureBeat. I’ve been a respected voice in the cryptocurrency community and my insights into the industry have helped shape its development.
