Franklin

Chair

Bitcoin

Gary

<div class="cryptonews"> 
 <p class="is-style-lead">The $1.5 trillion asset manager submitted its own filing to secure regulatory approval for America’s first spot Bitcoin ETF.</p> 
 <p>Franklin Templeton became the latest fund manager to declare interest in listing a spot Bitcoin exchange-traded fund (ETF) following a Sep. 12 filing with the US Securities and Exchange Commission (SEC).</p> 
 <p>The financial giant with over $1.5 trillion in assets under management (AUM) asked the SEC for permission to list shares of its Franklin Bitcoin ETF on the Cboe BZX Exchange.</p> 
 <p>In the Form S-1 filing, the company named the publicly-traded company Coinbase as its brokerage partner and custodian for its Bitcoin (BTC). The firm proposed the Bank of New York Mellon to hold the fund’s cash capital.</p> 
 <p>Franklin Templeton has now joined a list of Wall Street stalwarts like BlackRock and Fidelity in filing for a spot Bitcoin ETF, a product that would allow US residents to invest directly in BTC without actually holding crypto’s leading token by market cap.</p> 
 <p>The SEC has historically rejected spot Bitcoin ETF applications citing market manipulation concerns while conversely approving Bitcoin future ETFs, a move that has puzzled crypto proponents and courts alike.</p> 
 <p>In a lawsuit against the SEC, a trio of judges ruled that the commission had been “arbitrary and capricious” in denying Grayscale’s application to convert the GBTC fund into a spot Bitcoin ETF.</p> 
 <p>Judge Neomi Rao, in particular, ruled that the SEC failed to “explain its different treatment of similar products,” pointing to approval of future ETFs.</p> 
 <p>Notably, the ruling does not automatically approve Grayscale’s bid to launch a spot Bitcoin ETF.&nbsp;</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Grayscale urges SEC to approve its spot Bitcoin ETF filing 
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 <p>The SEC must now re-review Grayscale’s bid and either approve the filing or deny/delay a decision on new grounds.</p> 
 <p>During a US Senate hearing on Sep. 12, SEC Chair Gary Gensler was questioned about the Grayscale ruling and what the commission would like to see before approving a spot Bitcoin ETF.</p> 
 <p>Gensler responded saying:&nbsp;</p> 
 <blockquote class="wp-block-quote"> 
  <p>We’re reviewing that decision. There are multiple spot ETP filings that we’re also reviewing, and I’m looking forward to the staff’s recommendations.</p> <cite>Gary Gensler, SEC Chair</cite> 
 </blockquote> 
 <p>Gensler accused the nascent digital asset industry of “wide-ranging non-compliance” in written testimony ahead of the hearing. The SEC chair reaffirmed this stance while speaking to policymakers at the hearing.</p> 
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 <p>At press time, there are over a dozen Bitcoin ETF filings from issuers awaiting the SEC’s decision, including a deluge of bids for both spot Ethereum and Ethereum futures funds.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Analysts: chance of SEC approving spot Bitcoin ETF in 2024 is at 95% 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/franklin-templeton-joins-bid-for-spot-bitcoin-etf-tbt62495.html">https://thebittimes.com/franklin-templeton-joins-bid-for-spot-bitcoin-etf-tbt62495.html</a></p>

Franklin Templeton joins bid for spot Bitcoin ETF

TheBitTimes

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