Expert Sees Chances Of ‘Full Wave’ Of Spot Bitcoin ETF Approvals

With the US Securities and Exchange Commission (SEC) triggering a delay in taking a decision on Franklin Templeton’s proposed spot bitcoin Exchange Traded Fund (ETF), the onus is now on the next deadline. More importantly, the SEC gave the update on Franklin Templeton much earlier than its deadline of January 1, 2023. Does this mean a line up of spot Bitcoin ETF filings are being streamlined for mass approval?

Also Read: Coinbase Notifies Users About CFTC Subpoena in Bybit Case

Public Input Sought On Franklin Templeton Application

Earlier, CoinGape reported that the SEC called for public input on Franklin Templeton’s proposed spot ETF filing. In an order released on November 28, 2023, the agency said it was initiating proceedings to determine whether the proposed rule change to list Franklin Bitcoin ETF should be approved or disapproved. This comes in parallel with the delay in decision taking in all the other Bitcoin ETF filings including from the likes of Blackrock and Fidelity. However, Bloomberg analyst James Seyffart believes there is more to it than meets the eye, when it comes to the preponed update on Franklin Templeton filing.

Following the delay announcement on Franklin, the US SEC also delivered a similar update on the Hashdex ETF filing. The Commission instituted a public comment on the Hashdex Bitcoin Futures ETF filing.

Full Wave Of Spot Bitcoin ETF Decisions Coming Up?

According to James Seyffart, the SEC taking a super early decision on Franklin Templeton and Hashdex could mean the stage set for a full wave of approvals as early as in January 2024. He said,

“This delay on Hashdex all but confirms for me that this was likely a move to line every applicant up for potential approval by the Jan 10, 2024 deadline.”

However, he warned that approvals could potentially be given out without immediate launch. The Bloomberg analyst also flagged the possibility of the applications being denied before the January 10, 2024 deadline. On the other side, the crypto market turned more optimistic with reports on Blackrock representatives meeting with the US SEC officials on the spot ETF filing surfaced.

Also Read: Standard Chartered Maintains $100K Bitcoin (BTC) Target

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