SEC pushes decision on Franklin Templeton spot Ether ETF

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The SEC has delayed making a decision on Franklin Templeton’s request to launch a Ether ETF on the US markets.

The SEC announced on April 23 that it would take longer to make a decision on Cboe BZX Exchange’s proposal to list and trade Franklin Ethereum Trust shares. The commission now has until June 11 to reconsider its stance on the spot Ethereum ETF, extending the review period by 45 days.

Several analysts predict that the SEC will make a final call on approving or rejecting a proposed Ether ETF for trading on US exchanges by May, with application deadlines approaching for various asset managers. In March, James Seyffart of Bloomberg ETF analysis expressed his belief that these current Ether ETF applications were likely to be rejected.

Starting in January, the SEC gave approval for American exchanges to deal with Bitcoin (BTC) spot ETFs, marking a significant development that could influence how traditional financial organizations manage cryptocurrencies. Initially, there were expectations that the SEC would also approve a spot Ethereum (ETH) ETF. However, recent indications point towards the possibility that the regulatory body is considering Ethereum as a security.

The SEC approved the initial application for Franklin Templeton’s Bitcoin exchange-traded fund (ETF) focused on spot bitcoin. As of the end of December 2020, Franklin Templeton reported managing over $1.5 trillion in assets.

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2024-04-23 20:02