As of now, the US SEC has received no public feedback about the proposed rule change.
The commission’s cautious stance on cryptocurrency-related products is reflected in this delay.
The judgment on Franklin Templeton’s Bitcoin and Ethereum index ETF has been postponed by the US Securities and Exchange Commission (SEC). It has been decided that the proposal will be decided on January 6, 2025. In order to provide the regulatory body enough time to evaluate it, based on the filing on November 20, 2024.
Franklin Templeton’s Bitcoin and Ethereum index ETF was postponed by the US SEC, according to a filing dated November 20, 2024. Consequently, the regulatory agency is requesting that the review time be extended until January 6, 2025. The application was submitted on September 19, 2024, and the extension will provide extra time to review it.
Cautious Stance
Moreover, initiating a thirty-five (35) day review process, the proposal was first published in the Federal Register on October 8. Therefore, the date set for the review’s conclusion was November 22, 2024. As a result, the review was set to end on November 22, 2024. But the SEC is taking its time to examine the fund’s crypto compliance, as it has decided to postpone its judgment.
As of now, the US SEC has received no public feedback about the proposed rule change. So it is concentrating on internal evaluations. The commission’s cautious stance on cryptocurrency-related products is reflected in this delay. With more time, they can investigate the structure of the fund .And the dangers associated with the market in more depth.
With the planned Bitcoin and Ethereum index ETF, Franklin Templeton is expanding its efforts in the cryptocurrency market. A prior spot Bitcoin ETF and a spot Ethereum ETF were introduced by the asset manager, who now manages $1.5 trillion in assets.
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