Categories: News

SEC Delays Franklin Templeton Bitcoin ETF, BTC Price Remains Steady

Key Points:

  • The SEC has delayed the approval of Franklin Templeton’s spot Bitcoin ETF application.
  • The SEC is analyzing the proposal’s consistency with regulations, focusing on preventing fraudulent acts and protecting investors’ interests.
SEC delays Franklin Templeton Bitcoin ETF, the delay was anticipated and has not had an immediate impact on the price of Bitcoin. Currently, BTC is trading at $38,000, showing a 2% increase over the past 24 hours.
SEC Delays Franklin Templeton Bitcoin ETF, BTC Price Remains Steady

The Securities and Exchange Commission (SEC) has delayed the approval of asset manager Franklin Templeton’s spot Bitcoin ETF application.

According to the document, the SEC has instituted proceedings to analyze the proposed rule change’s consistency with regulations, specifically focusing on preventing fraudulent and manipulative acts and protecting investors’ interests.

The SEC seeks comments on various aspects, including the susceptibility of the proposed ETF to manipulation, the liquidity and transparency of Bitcoin markets, and the correlation between spot Bitcoin markets and the CME Bitcoin futures market.

SEC delays Franklin Templeton Bitcoin ETF

Franklin Templeton has filed an application for a spot Bitcoin exchange-traded fund (ETF) on September 12, 2023. In the filing with the U.S. Securities and Exchange Commission, Franklin Templeton proposed an ETF that would be custodied by Coinbase and traded on the Cboe BZX Exchange, Inc. However, a ticker for the product has not been proposed yet.

Franklin Templeton has followed the footsteps of BlackRock and other financial heavyweights who are anticipating that the SEC may soon approve, or be compelled by the courts to approve, a spot Bitcoin ETF. If approved, this type of ETF would provide everyday investors with an easy way to gain exposure to the price of Bitcoin in their brokerage accounts, alongside stocks and bonds.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

18 minutes ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

20 minutes ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

48 minutes ago

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

4 hours ago

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

7 hours ago

USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products

Palo Alto, California, 21st November 2024, Chainwire

9 hours ago

This website uses cookies.