According to BlockBeats, on April 23, the Cboe BZX Exchange submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to amend the previously approved Franklin Bitcoin ETF. Specifically, the proposal aims to change the deadline for cash purchase basket orders from 3 PM Eastern Time to 2 PM, the regular closing time of the exchange, or any other time determined by the initiator. This change is intended to provide more flexibility for the fund initiator in determining the purchase deadline.
The proposed amendment by the Cboe BZX Exchange is a significant move in the cryptocurrency market, as it seeks to provide more flexibility for the fund initiator. The Franklin Bitcoin ETF, which was previously approved by the SEC, is one of the many financial instruments that have been introduced in recent years to provide investors with exposure to the volatile cryptocurrency market. The proposed change in the deadline for cash purchase basket orders is expected to have a significant impact on the operation of the ETF.
The Cboe BZX Exchange's proposal is currently under review by the SEC. If approved, it could set a precedent for other exchanges and financial instruments in the cryptocurrency market. The SEC's decision on this proposal will be closely watched by investors and market participants, as it could have far-reaching implications for the operation and regulation of Bitcoin ETFs and other similar financial instruments.
