📝 Overview of Bitcoin ETFs and SEC’s Recent Moves
In a significant development for the cryptocurrency market, Bitcoin (BTC) spot exchange-traded funds (ETFs) in the United States now appear to have a “clear runway” for potential simultaneous approvals, following recent delays by the Securities and Exchange Commission (SEC) in the review process of key applications.
Okay. 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. https://t.co/ZKmVSOQExk
— James Seyffart (@JSeyff) November 28, 2023
On November 28, Bloomberg ETF analyst James Seyffart shared via a Twitter post that the SEC postponed its decision on the applications of Franklin Templeton and Hashdex ETFs. This decision came 34 days earlier than the anticipated January 1, 2024, deadline.
Seyffart, along with colleague Eric Balchunas, previously predicted a 90% chance of approval for spot Bitcoin ETFs by January 10, 2024. The recent delays, according to Seyffart, align all applicants for a potential approval around this date.
Prob looking to get them out of the way, clear runway
— Eric Balchunas (@EricBalchunas) November 28, 2023
📈🤔 Analysts’ Views: Clear Path or March Approval?
Balchunas echoed Seyffart’s sentiment, suggesting on Twitter that the SEC’s strategy might be to “clear the runway” for these ETFs. Conversely, commercial litigator Joe Carlasare posits that the delays could point to a possible approval in March 2024, considering the extended comment period for Franklin’s ETF bid and typical SEC review timelines.
The Franklin BItcoin spot ETF comment period now extends until January 3rd.
— Joe Carlasare (@JoeCarlasare) November 28, 2023
The SEC typically reviews comments for at least 2-3 weeks. Therefore, although it’s not guaranteed, this increases the probability of a March approval.
January is still likely the favorite though.
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While I'm generally in favor in letting them launch at same time, Franklin jumped in sooo late vs others, like 5mo after ARK filed and yet they may be able to launch the same day.. seems kinda unfair... but i suppose SEC can't really draw any lines here
— Eric Balchunas (@EricBalchunas) November 28, 2023
📑🏛️ Franklin Updates Key SEC Forms for Transparency
As of November 28, Franklin also updated its Form S-1, registering securities with the SEC, following Seyffart’s earlier observation of its missing updated prospectus. This move is critical in adhering to SEC regulations and ensuring transparency in the ETF approval process.
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