The US Securities and Exchange Commission (SEC) defers its decision again to approve two spot Bitcoin ETFs. The market already expected a delay for both Franklin Templeton’s and Global X’s spot Bitcoin ETF applications as they fall behind other spot Bitcoin ETF issuers in the race to approve the first spot Bitcoin ETF in the US.
US SEC Delays Approval of Franklin Templeton and Global X Bitcoin ETF
The U.S. Securities and Exchange Commission’s (SEC) decisions on approvals for both Franklin Templeton’s and Global X’s spot bitcoin ETF applications have been delayed, according to reports. The move comes as both companies filed their initial applications later than other Bitcoin ETF issuers, which delayed submissions of their updated applications to the U.S. SEC.
Bloomberg analyst James Seyffart said the comment period by the SEC on the Bitcoin ETFs should begin and last at least 35 days on the applications.
“The comment period on this begins after it is posted to Federal Register which usually takes a couple days. so likely takes us into late December for Global X’s application specifically.”
Crypto investors will have to wait a little longer for the SEC to decide whether to approve the first exchange-traded fund to directly hold Bitcoin in the U.S.
Earlier, the SEC delayed a decision on Brazilian asset manager Hashdex’s application to convert its futures Bitcoin ETF to spot Bitcoin ETF. The delays are likely to impact decisions on all existing spot Bitcoin ETF applications, with the SEC to delay all applications.
Bloomberg senior ETF analyst Eric Balchunas said he doesn’t include WisdomTree and Franklin in the race as they filed so late and should be held back. He also pointed out that the SEC may delay all spot Bitcoin ETFs.
Meanwhile, the SEC is in talks with exchanges over Bitcoin ETF to do cash creates. The SEC will ask them to get amendments in the next couple of weeks.
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