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With the US Securities and Exchange Commission (SEC) triggering a delay in taking a call on Franklin Templeton’s proposed spot bitcoin Exchange Traded Fund (ETF), the onus is now on the following deadline. More importantly, the SEC gave the replace on Franklin Templeton a lot sooner than its deadline of January 1, 2023. Does this imply a line up of spot Bitcoin ETF filings are being streamlined for mass approval?
Also Read: Coinbase Notifies Users About CFTC Subpoena in Bybit Case
Public Input Sought On Franklin Templeton Application
Earlier, CoinGape reported that the SEC referred to as for public enter on Franklin Templeton’s proposed spot ETF submitting. In an order launched on November 28, 2023, the company said it was initiating proceedings to find out whether or not the proposed rule change to checklist Franklin Bitcoin ETF needs to be authorised or disapproved. This is available in parallel with the delay in resolution taking in all the opposite Bitcoin ETF filings together with from the likes of Blackrock and Fidelity. However, Bloomberg analyst James Seyffart believes there may be extra to it than meets the attention, in relation to the preponed replace on Franklin Templeton submitting.
Following the delay announcement on Franklin, the US SEC additionally delivered an analogous replace on the Hashdex ETF submitting. The Commission instituted a public touch upon the Hashdex Bitcoin Futures ETF submitting.
Full Wave Of Spot Bitcoin ETF Decisions Coming Up?
According to James Seyffart, the SEC taking an excellent early resolution on Franklin Templeton and Hashdex might imply the stage set for a full wave of approvals as early as in January 2024. He said,
“This delay on Hashdex all but confirms for me that this was likely a move to line every applicant up for potential approval by the Jan 10, 2024 deadline.”
However, he warned that approvals might doubtlessly be given out with out fast launch. The Bloomberg analyst additionally flagged the potential of the purposes being denied earlier than the January 10, 2024 deadline. On the opposite aspect, the crypto market turned extra optimistic with reviews on Blackrock representatives assembly with the US SEC officers on the spot ETF submitting surfaced.
Also Read: Standard Chartered Maintains $100K Bitcoin (BTC) Target
The offered content material might embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability in your private monetary loss.
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