Global X's Bitcoin ETF Decision Delayed by SEC, New Deadline Set – Here's What You Need to Know
The SEC has postponed its decisions on spot Bitcoin exchange-traded fund (ETF) applications submitted by Global X and Franklin Templeton....
- The US Securities and Exchange Commission (SEC) has postponed its decisions on spot Bitcoin exchange-traded fund (ETF) applications submitted by Global X and Franklin Templeton.
- The SEC expects public comments on Global X's proposal in the next 35 days, with a new deadline set for December 22.
- The decision-making period for Franklin Templeton's spot Bitcoin ETF application has also been extended, with a decision expected by early 2024.
- ETF analyst James Seyffart confirmed the delays in a recent post on X (formerly Twitter).
- The SEC has the authority to delay proposals for up to 240 days from the initial filing.
- The SEC has previously announced delays in making decisions on other crypto ETF applications.
- Some industry experts believe that the SEC is unlikely to approve a spot Bitcoin ETF before 2024.
- Cantor Fitzgerald analysts believe that the market surveillance procedures proposed by new applicants could address SEC concerns and lead to approval.
The sentiment of the article is mostly neutral, with a hint of frustration within the industry due to the SEC's delays in approving crypto ETFs.