SEC extends resolution length for Global X, Franklin Templeton plight Bitcoin ETFs

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The U.S. Securities⁤ and Commerce Commission (SEC) has announced that it will ⁤be extending the ⁢time it takes to ⁢make a‍ decision on two pending Bitcoin Exchange Traded Funds (ETFs). This decision comes as a result of concerns​ about market manipulation.

The first ETF is proposed by GlobalX and would be listed on the Cboe BZX Exchange. The ⁤proposal was filed on August 4 and was published⁢ for ​comment on August 23. The SEC initially set a deadline of November 21 to approve, reject, or institute further ​proceedings on the proposal. However, the SEC has now extended the decision-making process​ and aims to make a final decision by February 2024.

The second ETF is proposed⁣ by Franklin Templeton and follows a similar timeline. The application was ​submitted on‌ September 26 and published for comment on October 3.⁤ The SEC initially set a deadline of November 17 for a decision, but has now extended it to January 1, 2024.

These extensions‌ are⁤ not officially referred to as delays by the SEC, but rather as an opportunity for‍ further input⁣ and feedback on concerns such as market manipulation and surveillance-sharing⁣ agreements. These concerns have long been associated with Bitcoin ETFs.

GlobalX and Franklin Templeton are among several applicants who have filed for Bitcoin ETFs, following BlackRock’s application in ⁣June.

It is important to note that the SEC’s decision-making process for ETFs can be lengthy and involves careful consideration ‌of various factors. The extensions in this​ case are a reflection of the SEC’s commitment to ensuring the integrity and stability of the financial markets.

 

ETF Newz Says:

By allowing​ for input and ⁣feedback, the SEC aims to address concerns and make informed decisions that protect investors and maintain market fairness. This ‌approach demonstrates the SEC’s ⁤dedication to its regulatory role in the financial services sector.

Overall, the SEC’s decision to extend the ⁢resolution length‌ for these Bitcoin ETFs highlights the importance ​of thorough analysis⁢ and consideration in the evaluation of financial products. It also emphasizes the need for​ market participants to adhere to regulatory standards​ and address concerns related to market manipulation.

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