SEC Approves Bitcoin and Ethereum Binary Funds from Hashdex and Franklin Templeton
The U.S. Securities and Exchange Commission has approved Bitcoin and Ethereum Binary Funds from Hashdex and Franklin Templeton, further expanding institutional access to these digital assets via spot market-based investment vehicles.
The approvals include the Hashdex Nasdaq Crypto Index US Fund and the Franklin Templeton Crypto Index ETF
Franklin Templeton’s updated filing received fast-track approval for compliance with commodity-based equity standards.
The approvals come amid significant turmoil in the cryptocurrency market, with positions worth over $1 billion liquidated in the space of 24 hours.
Bitcoin has fallen more than 8% from a high of $105,000 to below $93,000, while Ethereum has fallen 15% to trade at $3,100, and Solana has seen a similar decline to $176.
Analysts expect Litecoin to be the next candidate for ETF approval thanks to its status as a fork of Bitcoin and its classification as a commodity, while regulatory uncertainty continues to hamper the approval of Solana and XRP funds.
Observers point out that a potential leadership change at the Securities and Exchange Commission by 2025 could open the door to further approvals.
