SEC Met With Franklin Templeton About Bitcoin Spot ETF

Discussions between the SEC and Franklin Templeton emerged as cryptocurrency advocates remained bullish on spot Bitcoin ETFs amid market declines.

The $1.5 Trillion Asset Manager Reportedly met with the US Stock Exchange (SEC) on December 8 to discuss further the company’s bid for a spot Bitcoin ETF, a product that many potential issuers hope to bring to the US market.

Details of the meeting were not disclosed, although the SEC has held talks with several issuers in recent weeks, including BlackRock and Grayscale. Additionally, conversations with Franklin Templeton likely indicate progress made with the company’s application.

Franklin Templeton entered the Bitcoin ETF spot race in September 2023, joining a list of issuers that would later grow to 13 when Pando filed its offering. Previously, the SEC delayed a verdict and opted to extend the comment period for the company and several other issuers, reported.

While proponents believe the SEC could approve multiple filings by January 2024, another update on Franklin Templeton’s filing isn’t due until March 31, with the final deadline May 30.

Spot Bitcoin ETF Moves Toward SEC Approval

In other specific Bitcoin ETF news, experts believe that the last leg before the SEC gives the green light to issuers to list their funds is already in play. Talks between the securities watchdog and potential issuers have reportedly moved towards key stages, with both sides discussing details over an agreed rescue plan.

Analysts said the SEC would likely prefer cash creation systems to the alternative in-kind model. However, Gary Gensler’s commission has not yet announced a final decision on the matter.

Spot ETFs investing in Bitcoin (BTC) would attract billions of dollars in investments and serve as a backstop for institutional investors, according to Galaxy Digital CEO Mike Novogratz and ARK Invest head Cathie Wood, whose company expects a response from the SEC to its offer as soon as possible. next month.

Sunny Lu, CEO of L1 network VeChain, agreed with Novogratz and Wood regarding an influx of institutional wealth if the SEC approves the applications. Lu told that such news could have an even bigger impact on the markets than the BTC halving.

The ETF will open the door for the world’s largest institutional investors to enter the crypto space. Major advances on the regulatory side, such as with MiCA in Europe, will also pave the way for mass adoption of blockchain and crypto in the real world.

Sunny Lu, CEO of VeChain

Bitcoin Spot ETF
detect Bitcoin ETF deadlines | Source: Bloomberg

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