Franklin

Bitcoin

Franklin Templeton, a renowned asset manager, has officially filed an application with the U.S. Securities and Exchange Commission (SEC) for the establishment of a spot Bitcoin exchange-traded fund (ETF). The proposed ETF, named the Franklin Bitcoin ETF, is set to revolutionize the investment landscape by offering investors exposure to Bitcoin. 
According to the S-1 form submitted on a Tuesday, the Franklin Bitcoin ETF will primarily secure its Bitcoin assets through the reputable custody services offered by Coinbase Custody Trust Company.&nbsp; 
If approved by the SEC, the ETF’s shares will be listed and traded on the Cboe BZX Exchange, a significant step forward in providing mainstream access to Bitcoin investment opportunities. This listing on a major exchange could potentially open the doors for a wider range of investors to participate in the cryptocurrency market. 
The Franklin Bitcoin ETF is not alone in its quest for SEC approval. Over the past few months, various asset management firms, including <a href="https://news.todayq.com/bitcoin-etf-application-by-blackrock-accepted-by-sec-positive-steps-towards-crypto-market/">BlackRock</a>, Wisdom Tree, VanEck, Invesco, and several others, have also submitted applications for spot Bitcoin ETFs. However, as of now, all these applications remain pending approval. 
A recent development of note is the SEC’s decision to <a href="https://news.todayq.com/sec-forced-to-reconsider-grayscales-spot-bitcoin-etf-application/">reevaluate</a> its rejection of Grayscale’s spot Bitcoin ETF application. The initial rejection lacked a comprehensive explanation, prompting a court ruling that highlighted the SEC’s need to provide a more transparent and coherent rationale for its decisions. 
In light of these recent events, the SEC has chosen to postpone its decisions on these pending spot Bitcoin ETFs until at least mid-October. This delay suggests the possibility of concurrent approvals for multiple applications, rather than granting a single applicant a first-mover advantage.&nbsp; 
On August 31, 2023, Bloomberg analysts, leveraging Grayscale’s legal victory against the SEC as a precedent, <a href="https://news.todayq.com/report-potential-approval-of-bitcoin-spot-etfs-by-end-of-2023/">predicted</a> that a spot Bitcoin ETF could potentially gain approval by late 2023. The court’s decision has effectively made it challenging for the SEC to maintain its prior stance, increasing the odds of approval from 65% to 75%, according to Bloomberg’s assessments. 
Whereas, a JP Morgan analyst has made a bold <a href="https://news.todayq.com/jp-morgan-sec-faces-pressure-to-approve-bitcoin-etfs-after-grayscale-legal-win/">prediction</a> regarding the SEC’s stance on spot Bitcoin ETFs. He claims that, given the recent legal developments, the SEC may find itself forced to approve the pending spot Bitcoin ETF applications from various asset management firms. This suggests a potential sea change in the regulatory landscape for cryptocurrency investments. 
© Todayq News

Asset manager Franklin Templeton files the latest spot Bitcoin ETF application

Todayq News

Other articles published on Sep 22, 2023

SPCE Stock Price Nears 52 Weeks Low Amid Negative Revenue

FTX Sues Ex-Salameda Employees for $157.3 Million!

Binance and Changpeng Zhao Seek Dismissal of SEC Lawsuit, Citing Regulatory Overreach

The FED turns to tokenization: A response to the failure of its CBDC?

Bitcoin advocate reiterates theory linking NSA to Bitcoin’s creation

Legendary Trader Peter Brandt Alerts FTX Users of This Crucial Date: Details

Join our free newsletter for daily crypto updates!