Ethereum

Franklin

The U.S. Securities and Exchange Commission (SEC) has <a rel="noopener noreferrer nofollow" href="https://www.sec.gov/files/rules/sro/cboebzx/2024/34-100015.pdf">postponed </a>its decision on the approval of Franklin Templeton’s spot Ethereum exchange-traded fund (ETF). The new extension for the SEC’s determination is set for June 11, 2024. This action is one of the postponements that the SEC has implemented on numerous cryptocurrency ETF proposals in the last few months.
<h2 id="franklin-templeton-ethereum-etf-delay">Franklin Templeton Ethereum ETF Delay</h2>
Franklin Templeton filed the initial S-1 registration statement for the Franklin <a href="https://coingape.com/hong-kong-approve-bitcoin-ethereum-etf-monday-bloomberg/" rel="noopener noreferrer nofollow">Ethereum ETF</a> in February 2024. The ETF is designed to track the cost of Ethereum, and Coinbase Custody Trust Company and the Bank of New York Mellon have been appointed as custodians.
The SEC postponed its decision because the commission requires more time to consider the proposed rule changes and any issues that may arise from them. The SEC said the extension would enable it “to take action on the proposed rule change so that it has enough time to consider the proposed rule change and the issues raised therein.”
The decision on <a href="https://coingape.com/franklin-templeton-joins-ark-blackrock-in-spot-ether-etf-pursuit/" rel="noopener noreferrer nofollow">Franklin Templeton’s ETF</a> is not isolated since there are also other Ethereum ETF applications postponed by the SEC, such as from financial giants VanEck and BlackRock. This trend embodies a careful stance of the SEC on cryptocurrency-based ETFs, which are still quite fresh financial instruments that possess a lot of complexity in regard to the regulation.
Many of these ETF proposals have been open for public comments, with the major concern concentrating on <a href="https://www.google.com/url?client=internal-element-cse&amp;cx=e6c2264173c544ed8&amp;q=https://coingape.com/max-keiser-dismisses-ethereum-etf-as-a-proof-of-stake-scam/&amp;sa=U&amp;ved=2ahUKEwjbxsCA69iFAxVCTaQEHZywCg0QFnoECAIQAg&amp;usg=AOvVaw1jrG-kpwax_eXybCud9tsv" rel="noopener noreferrer nofollow">Ethereum’s proof of stake</a> mechanism, possibilities for fraud, and the opportunity for manipulation.
<h2 id="market-impact-and-prospects">Market Impact and Prospects</h2>
Such delays are, however, observed at a period when the blow of hope for the permit of a position in Ethereum ETF has been receding. Analysts, including <a href="https://coingape.com/jpmorgan-doubts-may-approval-for-spot-ethereum-etf/" rel="noopener noreferrer nofollow">JPMorgan</a>, have seen a reduction in the estimated possibility of such ETFs getting approval in the short term.
For instance, while some market specialists previously rated the May approval probability at 70%, it has been tuned to about 30%. However, despite these challenges, the effect of spot Bitcoin ETFs was a positive one in the market, implying that approval of Ethereum ETFs could also have a positive impact on the <a href="https://coingape.com/spot-ethereum-etf-how-will-bitcoin-aid-in-ethereum-price-rally/" rel="noopener noreferrer nofollow">cryptocurrency market</a>. 
However, despite the decision, the price of Ethereum (ETH) has been bullish. At press time, the ETH price was exchanging hands at $3,234, a 1.52% surge from the intra-day low.&nbsp;
Read Also: <a href="https://coingape.com/just-in-brics-countries-mulls-stablecoin-for-trade-settlement/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">BRICS Countries Mulls Stablecoin For Trade Settlement</a>
The post <a href="https://coingape.com/just-in-sec-extends-review-period-for-franklin-templeton-ethereum-etf/" rel="noopener noreferrer nofollow">Just In: SEC Extends Review Period for Franklin Templeton Ethereum ETF</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Just In: SEC Extends Review Period for Franklin Templeton Ethereum ETF

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