SEC, What Is the Purpose of the Latest Delay? Spot Bitcoin ETFs Could Arrive in January!

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• More importantly, the SEC released the update about Franklin Templeton well before the deadline of January 1, 2023.
• This comes in parallel with the delay in decision-making processes for other Bitcoin ETF applications, such as BlackRock and Fidelity.
• Following the announcement on Franklin Templeton, the SEC issued another similar update regarding the Hashdex ETF application.

The US Securities and Exchange Commission has again decided to postpone the issue of spot Bitcoin ETFs: What does this mean?

SEC Delays Franklin Templeton’s ETF

After the U.S. Securities and Exchange Commission (SEC) initiated the decision-making process for Franklin Templeton’s proposed spot Bitcoin Exchange Traded Fund (ETF), all eyes are now on the next steps. More importantly, the SEC released the update about Franklin Templeton well before the deadline of January 1, 2023. Does this imply that spot Bitcoin ETF applications are being coordinated for a collective approval?

Previously, COINOTAG reported that the SEC had sought public opinion on Franklin Templeton’s proposed spot ETF application. In a notice published on November 28, 2023, the institution stated that it had initiated a process to determine whether the proposed rule change to list the Franklin Bitcoin ETF should be approved.

This comes in parallel with the delay in decision-making processes for other Bitcoin ETF applications, such as BlackRock and Fidelity. However, Bloomberg analyst James Seyffart believes that there is more to the acceleration of the update regarding the Franklin Templeton application than meets the eye.

Following the announcement about Franklin Templeton, the SEC also released a similar update regarding the Hashdex ETF application. The commission initiated a public opinion on the Hashdex Bitcoin Futures ETF application.

Are Spot Bitcoin ETF Decisions Coming?

According to James Seyffart, the SEC’s early decision on Franklin Templeton and Hashdex could mean that the stage is set for all applications to potentially receive approval in full swing by January 2024. He stated:

“The delay at Hashdex, to me, feels like a move to potentially line up every applicant for approval by January 10, 2024.”

However, he cautioned that approvals might not be given immediately. The Bloomberg analyst also pointed out the possibility of rejections for applications before January 10, 2024. On the other hand, the crypto market received a more optimistic outlook with reports of BlackRock representatives meeting with U.S. SEC officials regarding the spot ETF application.