{"id":87640,"date":"2023-11-29T11:59:14","date_gmt":"2023-11-29T09:59:14","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87640"},"modified":"2025-09-13T13:07:19","modified_gmt":"2025-09-13T10:07:19","slug":"sec-opens-comment-period-on-spot-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/sec-opens-comment-period-on-spot-bitcoin-etf\/","title":{"rendered":"SEC opens comment period on spot Bitcoin ETF"},"content":{"rendered":"<p><span data-descr=\"The U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> began collecting public feedback on the spot Bitcoin-<a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETF<\/a>. Lawyer Scott Johnson saw in this a signal that the regulator could approve all applications for the instrument at once by January 10, 2024.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">They might have chosen to do this early so they could have the comment period end before Jan 10, in order to approve everyone at the same time. <a href=\"https:\/\/t.co\/L5q65I6EDa\">https:\/\/t.co\/L5q65I6EDa<\/a><\/p>\n<p>\u2014 Scott Johnsson (@SGJohnsson) <a href=\"https:\/\/twitter.com\/SGJohnsson\/status\/1729575861664243928?ref_src=twsrc%5Etfw\">November 28, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The SEC took this step after delaying the decision on proposals from<a href=\"https:\/\/www.sec.gov\/files\/rules\/sro\/nysearca\/2023\/34-99031.pdf\"> Hashdex<\/a> and<a href=\"https:\/\/www.sec.gov\/files\/rules\/sro\/cboebzx\/2023\/34-99030.pdf\"> Franklin Templeton<\/a>. Representatives of the latter took the agency&#8217;s wishes into account and have already <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1992870\/000113743923001397\/ftdhts1a112023.htm\">updated<\/a> their filing.<\/p>\n<p>The agency explained the initiative as an effort to assess whether the product meets the requirement of &#8220;preventing fraudulent and manipulative practices and protecting investors&#8221;.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;The collection of comments does not indicate that the Commission has reached any conclusions on any of the issues touched upon. Rather, the SEC &#8230; encourages interested parties to submit their views on the proposed rule change,&#8221;<\/em> \u2014 the document said.<\/p>\n<\/blockquote>\n<p>Comments on both applications must be submitted within 21 days, after which the agency will have two weeks to respond with counterarguments.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Wow. With the Franklin decision coming earlier than the deadline, the SEC may be gearing up for a broad wave of approvals in early January. Is that why?&#8221;<\/em> \u2014 Bloomberg analyst James Seyffart.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Update: Wow. SEC went super early on Franklin. They weren&#8217;t due for another decision until Jan 1. Notably Franklin is the only issuer who didn&#8217;t submit an updated S-1 yet. Wonder if that has any impact here. <a href=\"https:\/\/t.co\/go4K1wSTpw\">https:\/\/t.co\/go4K1wSTpw<\/a> <a href=\"https:\/\/t.co\/bA6aULvPCd\">pic.twitter.com\/bA6aULvPCd<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1729574910224150664?ref_src=twsrc%5Etfw\">November 28, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The expert noted the similarity of the wording in the revised Franklin S-1 with proposals from other firms regarding the creation\/redemption process.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Notably, the language in this S-1 mimics a lot of others on the creation\/redemption process. Leaves open the possibility for both In-kind and\/or Cash. <a href=\"https:\/\/t.co\/LtlVAH9ydD\">pic.twitter.com\/LtlVAH9ydD<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1729630194405708162?ref_src=twsrc%5Etfw\">November 28, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier in November, representatives of the Commission and BlackRock <a href=\"https:\/\/forklog.com\/en\/news\/blackrock-and-sec-discuss-redemption-mechanics-for-a-bitcoin-etf\">held a meeting<\/a>, during which they discussed the details of a spot bitcoin ETF based on the first cryptocurrency.<\/p>\n<p>Previously the regulator <a href=\"https:\/\/forklog.com\/en\/news\/grayscale-discussed-details-of-a-spot-bitcoin-etf-with-the-sec\">met with<\/a> the leadership of Grayscale to discuss converting their Bitcoin Trust into an exchange-traded fund. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SEC has begun collecting comments on spot Bitcoin ETFs. Lawyer Scott Johnson saw in this a signal that all applications could be approved at once by January 10, 2024.<\/p>\n","protected":false},"author":1,"featured_media":87641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,1383,1594,1138,128],"class_list":["post-87640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-franklin-templeton","tag-hashdex","tag-opinions","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=87640"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87640\/revisions"}],"predecessor-version":[{"id":87642,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87640\/revisions\/87642"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/87641"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=87640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=87640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=87640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}