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The Securities and Exchange Commission (SEC) has intensified its scrutiny of the burgeoning cryptocurrency market, calling for public input on Franklin Templeton’s proposed spot bitcoin Exchange-Traded Fund (ETF). This request for feedback comes unexpectedly, as the SEC had previously postponed its decision, signaling a swift shift in its approach.
Concerns about potential market manipulation and fraud are at the heart of the SEC’s inquiry. The agency is particularly interested in the proposed fund’s relationship with Coinbase, which is slated to act as the custodian if the ETF receives approval. The SEC’s filing emphasized the need to ensure that the rules of a national securities exchange are robust enough to prevent fraudulent activities and protect investors and the public interest.
A Closer Look at the Franklin Bitcoin ETF
Franklin Templeton filed for the Franklin Bitcoin ETF in September. The fund’s shares would be listed and traded on the Cboe BZX Exchange if approved. This development is part of a growing trend, with other financial giants like BlackRock and Fidelity also submitting applications for spot bitcoin ETFs. The Franklin Bitcoin ETF stands out due to its potential role in providing investors with more direct exposure to Bitcoin than futures-based products.
Parallel Developments with Hashdex
Simultaneously, the SEC also focuses on Hashdex’s application for a Bitcoin Futures ETF. This proposed fund seeks to convert its exchange-traded fund, currently listed on the New York Stock Exchange, into a partial spot product. This move by Hashdex aligns with the growing interest in integrating spot Bitcoin offerings into more traditional investment products.
Public Participation Deadline
The SEC has set a 21-day deadline for public comments on the Franklin and Hashdex proposals, followed by a two-week rebuttal period. This open invitation for public feedback reflects the SEC’s cautious yet progressive approach toward integrating cryptocurrencies into mainstream financial products. The outcome of this process could significantly influence the future of bitcoin ETFs in the U.S. market, a sector where the SEC has yet to approve a spot bitcoin fund.
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