{"id":202572,"date":"2023-11-29T04:59:46","date_gmt":"2023-11-28T23:29:46","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=202572"},"modified":"2023-11-29T04:59:46","modified_gmt":"2023-11-28T23:29:46","slug":"sec-opens-public-comments-on-franklin-templeton-and-hashdex-spot-bitcoin-etfs-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/sec-opens-public-comments-on-franklin-templeton-and-hashdex-spot-bitcoin-etfs-crypto-news\/","title":{"rendered":"SEC Opens Public Comments On Franklin Templeton and Hashdex Spot Bitcoin ETFs – Crypto News"},"content":{"rendered":"
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The U.S. Securities and Exchange Commission is seeking public commentary on the spot Bitcoin ETF applications from Franklin Templeton and Hashdex in a move cheered on by crypto bulls.<\/p>\n

On Nov. 28, the SEC published filings instituting proceedings to receive public feedback on the proposed Franklin Bitcoin ETF<\/a> and Hashdex Bitcoin Futures ETF<\/a> funds.<\/p>\n

\u201cThe Commission is instituting proceedings to allow for additional analysis of the proposed [funds],\u201d the SEC said. \u201cInstitution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.\u201d<\/p>\n

James Seyffart, an ETF analyst at Bloomberg, tweeted<\/a> that the SEC is instituting proceedings for the funds much earlier than would be required \u2014 with the move coming just two weeks after the SEC delayed its deadline for delivering a verdict on the respective ETF applications.<\/p>\n

Seyffart interpreted the news as further evidence that the SEC may be gearing up to approve multiple spot Bitcoin ETF proposals around early January<\/a>. Respondents now have 21 days to submit feedback, plus an additional two weeks to file rebuttals to any submission received by the SEC \u2014 meaning the comment periods would expire in early January.<\/p>\n

\u201cThis\u2026 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,\u201d he said.<\/p>\n

Scott Johnsson, a finance lawyer, agreed that the SEC filings suggest the regulator is preparing to approve the funds around Jan. 10. \u201cReally the only way it makes sense,\u201d he tweeted<\/a>. \u201cPretty sure we can lock this one up.\u201d<\/p>\n

However, Seyffart noted that the SEC\u2019s filing only concerns the prospective issuers\u2019 19b-4 filings. \u201cWe know from updates and other sources that SEC still isn’t quite ready to approve the S-1s (prospectuses) just yet,\u201d he said. \u201cSo approval could happen here without immediate launch.\u201d<\/p>\n

Seyffart added that the applications could still be denied despite his bullishness.<\/p>\n

Bitcoin tagged new highs for 2023 in response to the news, with BTC last changing hands for $37,980 after gaining 2.4% in 24 hours, according to CoinGecko.<\/p>\n

The news follows several months of bullish market momentum ignited by expectations the SEC could soon approve a spot Bitcoin ETF for the first time. A spot Bitcoin ETF would directly invest in BTC on behalf of investors and exert bullish pressure on Bitcoin\u2019s finite supply, unlike existing \u2014 which speculate on derivative contracts.<\/p>\n

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