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The post <a href="https://coinpedia.org/news/bitcoin-etf-update-sec-seeks-public-input-on-franklin-templetons-spot-bitcoin-etf-proposal/" rel="noopener noreferrer nofollow">Bitcoin ETF Update: SEC Seeks Public Input on Franklin Templeton’s Spot Bitcoin ETF Proposal</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The Securities and Exchange Commission (SEC) has called for public input on approving a spot bitcoin ETF proposed by Franklin Templeton, only weeks after delaying its decision. Some experts have perceived this move as a swift response from the regulator.
The SEC’s request for feedback, particularly after its previous postponement, indicates a thorough approach to the decision-making process. The Commission is focusing on understanding the potential risks associated with fraud and manipulation and examining the proposed fund’s relationship with Coinbase, which would act as the custodian if the ETF is approved.
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 In its filing, <a href="https://www.sec.gov/files/rules/sro/cboebzx/2023/34-99030.pdf" rel="noopener noreferrer nofollow">the SEC stated</a>, “The Commission is providing notice of the grounds for disapproval under consideration.” The agency aims to ensure that the application aligns with the requirement that “the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest.'”
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The public has a 21-day period to comment on the proposal, followed by two weeks for responses. To date, the SEC has delayed decisions on all applications for spot Bitcoin funds and has not approved any.
Additionally, the SEC is considering a proposal from Hashdex Bitcoin Futures ETF to convert its ETF listed on the New York Stock Exchange into a partial spot product, inviting public comment on this proposal.
The SEC’s recent action on the Franklin Bitcoin ETF has been noted for its promptness. James Seyffart, an ETF analyst at Bloomberg Intelligence, expressed surprise at the SEC’s quick movement, mainly since Franklin Templeton had not submitted an updated S-1 form until prompted by the SEC’s action. Seyffart observed that the amended S-1 form filed by Franklin Templeton closely mirrors the language of the creation/redemption process used by many others, allowing for cash and/or in-kind payments.
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 They might have chosen to do this early so they could have the comment period end before Jan 10, in order to approve everyone at the same time. <a href="https://t.co/L5q65I6EDa" rel="noopener noreferrer nofollow">https://t.co/L5q65I6EDa</a>— Scott Johnsson (@SGJohnsson) <a href="https://twitter.com/SGJohnsson/status/1729575861664243928?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 28, 2023</a>
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 Scott Johnsson from Van Buren Capital speculated that this move might be an attempt to align the schedules of all spot bitcoin ETFs. “They might have chosen to do this early so they could have the comment period end before Jan 10 to approve everyone simultaneously,” Johnsson suggested.
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The SEC’s call for public input represents a significant step in the ongoing evaluation of cryptocurrency-related financial products, reflecting the growing interest and scrutiny in this rapidly evolving sector.

Bitcoin ETF Update: SEC Seeks Public Input on Franklin Templeton’s Spot Bitcoin ETF Proposal

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